HARTSVILLE, S.C., July 09, 2018 (GLOBE NEWSWIRE) -- Sonoco (NYSE:SON) today announced it is implementing a 4 percent price increase for all composite cans and corresponding metal ends in the United States and Canada, effective with shipments beginning August 1, 2018.
“Sonoco’s global sourcing power and commitment to supply security have allowed us to effectively mitigate historic inflationary pressures,” said Robin Gordon, division vice president of sales for Sonoco’s U.S. and Canada composite cans and metal ends. “However, the recent trade announcements assigning tariffs on the steel and aluminum supply, along with strong regional demand, have placed unprecedented stress on our suppliers’ feedstocks and corresponding input costs. While we will continue to monitor the domestic and global sourcing landscape to find ways to mitigate inflation, we do need to recover our current cost exposure. We will continue to work with our suppliers to ensure supply security and find ways to bring input costs down over the coming months.”
Founded in 1899, Sonoco (NYSE:SON) is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately $5 billion, the Company has 21,000 employees working in more than 300 operations in 33 countries, serving some of the world’s best known brands in some 85 nations. Sonoco is committed to Better Packaging. Better Life., and ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies 2018 list. For more information, visit www.sonoco.com.
Source: Sonoco Products Company