Sonoco announces price increase

- Last updated on GMT

Related tags: Cost, Vice president of the united states, United states, Sonoco

Sonoco, the US-based global packaging manufacturer, has announced
it will increase prices for its paper-based engineered carriers
(tubes and cores) by between 7.5 and 12 per cent for its North
American and European operations, effective after 10 June 2002.

Sonoco, the US-based global packaging manufacturer, has announced it will increase prices for its paper-based engineered carriers (tubes and cores) by between 7.5 and 12 per cent for its North American and European operations, effective after 10 June 2002.

"Sonoco​ has and will continue to aggressively seek ways to offset costs with productivity improvements. Indeed, this is the first general price increase for tubes and cores in over two years. However, increases in operating costs, including salaries, energy and rising coreboard prices - which are expected to continue increasing - make this price increase necessary,"​ said Charles Paterno, vice president, Sonoco Europe.

Meanwhile, the US division of Sonoco was painting a similar picture, but also cited freight costs as a reason for its increased prices.

"Full implementation of our price increases for engineered carriers will have a short lag behind raw material costs,"​ said Jack Sanders, vice president of Sonoco's industrial products, North America. "Therefore, we would not expect to realise the full net impact of the price increase until the third quarter of this year."

Sonoco, founded in 1899, is a $2.6 billion (€2.8bn) manufacturer of industrial and consumer packaging products and provider of packaging services, with approximately 300 locations in 32 countries, serving customers in 85 nations.

Related topics: Processing & Packaging

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