Second price hike for Sonoco Europe

- Last updated on GMT

Related tags: Sonoco, United kingdom

Sonoco will increase prices for its paper-based engineered carriers
(tubes and cores)by 7 to 9 per cent in Continental Europe,
effective 12 August .

Sonoco has said it will increase prices for its paper-based engineered carriers (tubes and cores)by 7 to 9 per cent in Continental Europe, starting from 12 August .

In an announcement made by Sonoco Europe vice president Charles Paterno, it was stated that prices in the United Kingdom would also be reviewed during August, withfurther increases possible there as well.

Sonoco previously announced a price increase for these products effective10 June 2002. The earlier increase was driven by escalating costs in almostall operating areas. This second increase, the company claims, is primarily a result of rapidly rising recovered paper costs.

"While Sonoco will continue to seek ways to offset costs with productivityimprovements, recent escalation in recovered paper costs resulting from animbalance between supply and demand makes this price increase necessary,"​ saidPaterno.

Sonoco is a $2.6 billion manufacturer of industrial andconsumer packaging products and provider of packaging services, withapproximately 300 locations in 32 countries, serving customers in 85 nations.

Related topics: Processing & Packaging

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