HARTSVILLE, S.C., Jan 11, 2010 (BUSINESS WIRE) -- Sonoco (NYSE: SON) will increase prices for all uncoated recycled
paperboard grades in the United States and Canada by $50 per ton
effective with shipments on February 1, 2010. In addition, the Company
announced that it will increase prices on all paperboard industrial
converted products in the U.S. and Canada by 4.5 percent effective with
shipments on February 15, 2010.
"The recent nearly 40-percent increase in the cost of recovered paper,
our primary raw material, is unprecedented and a clear reflection of
increased demand by recycled mills in the U.S. and Canada and by Asian
export markets," said Harris DeLoach, chairman, president and chief
executive officer.
Prices announced recently for Old Corrugated Containers (OCC) in the
Southeast U.S. increased in January from $80 per ton to $110 per ton.
Sonoco is one of the largest producers of uncoated recycled paperboard
in North America and of paperboard tubes and cores and protective
packaging.
"With seasonal generation lower than usual and severe weather conditions
further impacting supply, we are receiving recovered paper pricing
quotes for delivery over the coming weeks that are even higher than
recently established prices," DeLoach added. "It is essential that we
begin recovering these higher input costs from our recycled paper and
industrial converted products as soon as possible. We will keep a close
eye on rising raw material costs and, if necessary, take further pricing
actions."
About Sonoco
Founded in 1899, Sonoco is a $4.1 billion global manufacturer of
industrial and consumer products and provider of packaging services,
with more than 300 operations in 35 countries, serving customers in some
85 nations. Sonoco is a proud member of the Dow Jones Sustainability
World Index. For more information on the Company, visit our Web site at http://www.sonoco.com/.
SOURCE: Sonoco
Sonoco
Roger Schrum, 843-339-6018
roger.schrum@sonoco.com