Sonoco Implementing Price Increases for All Rigid Paper Containers and Closures

Sonoco (NYSE: SON), one of the largest global diversified packaging companies, today announced it is increasing prices for all rigid paper containers and closures sold in North America by 5 percent, effective with shipments on, and after, January 15, 2021.

According to Ernest Haynes, Division Vice President and General Manager, Rigid Paper and Closures, North America, this price increase is necessary to recover rapidly rising costs for raw materials used to produce rigid paper containers.

“Due to the rising cost of both steel and recovered paper, we are experiencing input cost pressures that simply cannot be absorbed,” Haynes said. “Our operational cost increases have been compounded by the on-going COVID-19 pandemic as it impacts labor, the build-up of inventory and associated carrying costs, which is all connected to ensuring the continuity of supply for our customers. As an essential supplier during these challenging times, our primary focus entails doing everything we can to protect our customers from business related disruptions. We take the challenge seriously in that regard and have embraced extraordinary measures to maintain continuity of supply to meet our customers’ most critical needs.”
https://investor.sonoco.com/news-releases/news-release-details/sonoco-implementing-price-increases-all-rigid-paper-containers-0

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