Sonoco Plastics increasing prices for all resin-based products in North America

Sonoco (NYSE:SON), one of the largest diversified global packaging companies, today announced it is implementing a price increase for all resin-based products sold in North America. The increase amounts by formulation are: CPET/PET – 15 percent, PE – 10 percent, PP – 5 percent. The increase, which impacts thermoformed, injection-molded and extrusion-molded products, is effective with shipments beginning October 15, 2017.

“With the unfortunate events surrounding Hurricanes Harvey and Irma, we are seeing a significant inflationary spike affecting the entire industry, not just Sonoco,” said Jeff DiPasquale, vice president and general manager for Sonoco’s Global Plastics division.  “The unprecedented occurrence of these natural disasters has greatly impacted the North American resin supply chain in terms of both production and distribution. We are doing everything possible to minimize the impact of this disruption to our customers.”

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