HARTSVILLE, S.C., Dec. 17, 2012 /PRNewswire/ -- Sonoco (NYSE: SON) will raise surcharges to 13.4 percent for its nailed wood reels and 8.8 percent for plywood reels, effective Jan. 1, 2013. The surcharges are necessary to offset continued increases in lumber and plywood costs.
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"Lumber and plywood pricing continue to rise against traditional downward trends normally seen in the late fall and winter," said Greg Powell, general manager, Sonoco Reels. "Lumber prices have increased for six consecutive weeks to reach a new high, while plywood pricing has continued to rise due to tightening supply and improving demand. As a result, we must adjust our reel surcharges accordingly."
Sonoco Reels is the most comprehensive provider of reels produced from nailed wood, plywood, poly-fibers, molded plastic and steel materials. Reels produced by Sonoco are used by the wire and cable industry to serve the power transmission and distribution; telecommunications; commercial and industrial building; oil and gas; mining and marine industries.
For more information about Sonoco's complete line of reels or to learn more about current pricing, please visit the Company's website or contact Sonoco Reels at +800-633-3962.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging and packaging supply chain services. With annualized net sales of approximately $4.5 billion, the Company has 19,600 employees working in more than 340 facilities in 34 countries, serving some of the world's best known brands in some 85 nations. Sonoco is a proud member of the 2012/2013 Dow Jones Sustainability World Index. For more information on the Company, visit our website at www.sonoco.com.
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