HARTSVILLE, S.C., March 4 /PRNewswire-FirstCall/ -- Sonoco (NYSE: SON)
will raise prices on all engineered carriers by eight percent effective
April 1, 2004, it was announced today by Ronald E. Holley, senior vice
president.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO )
"Market conditions over the past few years have not allowed us to recover
mounting transportation, energy, insurance, healthcare and pension costs, all
of which remain high. In addition, we are now seeing increases in prices of
uncoated recycled paperboard and other materials. While our productivity and
cost-cutting initiatives have helped us maintain prices, we cannot continue to
absorb this combination of cost pressures.
"Furthermore, increasing demand for recovered paper from China, signs of
general economic strengthening, announced increases for containerboard and
increasing paper mill utilization rates are all historical indicators that we
are likely entering a cycle of increasing paper prices and resulting
engineered carrier price increases," said Holley.
Sonoco, founded in 1899, is a $2.8 billion global manufacturer of
industrial and consumer products and provider of packaging services, with
approximately 295 locations in 32 countries, serving customers in 85 nations.
For more information about the Company, visit the Sonoco Web site
at www.sonoco.com .
SOURCE Sonoco