Sonoco Announces Paperboard Price Increase
HARTSVILLE, S.C., June 24 /PRNewswire/ -- Sonoco (NYSE: SON) will raise prices on uncoated recycled cylinder paperboard by $50 per ton effective July 12, it was announced today by Peter C. Browning, president and chief executive officer.
The Company consumes internally approximately 85% of its recycled paperboard production for conversion into packaging products. Sonoco produces in excess of one million tons of recycled paperboard annually in the U.S. and approximately 1.6 million tons worldwide.
"During the last two years we have been able to maintain level prices due to productivity improvements and other cost reductions. We have now reached the point where we can no longer absorb escalating increases in our manufacturing costs," said Jim Bowen, vice president and general manager -- paper division.
Sonoco, founded in 1899, is a $2.6 billion manufacturer of industrial and consumer packaging products with approximately 275 operations in 32 countries serving customers in 85 nations.
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