Sonoco is celebrating its 120th anniversary today. The Company was founded as the Southern Novelty Company on May 10, 1899. In honor of the occasion and in recognition of the Company’s longstanding financial success, President and CEO Rob Tiede and Vice President and Chief Financial Officer Julie Albrecht will ring the closing bell at the New York Stock Exchange today.
“On our 120th anniversary, we’re proud to say that Sonoco is stronger than ever,” Tiede said. “Our company has touched three centuries and faced many evolving challenges, but our people, our products and our principles carry us through and drive us to continually reach for new heights.”
The Company has a long history of growth and stability. In fact, Sonoco has paid dividends to shareholders for the past 94 years, since 1925, and has grown its common stock dividends annually for the past 37 years.
The Company’s first product was a cone-shaped paper yarn carrier used for winding and transporting yarn. Since most of the textile cones of that day were wooden, paper cones were a novelty – hence the name the Southern Novelty Company. The Company soon became the leading producer of cones in the United States. In 1923, the Southern Novelty Company name was changed to Sonoco Products Company, or “Sonoco,” using the first two letters from each word of its original name.
Since its early days, Sonoco has steadily grown and diversified its portfolio. Today Sonoco 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 $5.4 billion, the Company has 23,000 employees working in approximately 300 operations in 36 countries, serving some of the world’s best known brands in some 85 nations.