Sonoco Announced Price Hikes for Various Product Categories

The company attributed the price increase to rapidly rising costs for key raw materials used to produce rigid paper containers and closures.

SEATTLE (Scrap Monster): Hartsville, South Carolina-headquartered global packaging company, Sonoco, announced its decision to increase prices for all rigid paper containers and closures sold in North America by 9.5%. The new prices will come into effect for shipments on and after 3^rd June, 2021. The company attributed the price increase to rapidly rising costs for key raw materials used to produce rigid paper containers and closures.

Announcing the decision, Ernest Haynes, Division Vice President and General Manager, Rigid Paper and Closures, North America noted that the company has been experiencing input cost pressures, especially due to the rising inflationary cost of adhesives, laminate structures, recovered paper and steel. The extraordinary measures to protect its customers from supply chain related disruptions have incurred significant material cost increases, he added.

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Recently, the company had announced price increase for paperboard tubes and cores by a minimum of 6% in the U.S. and Canada, effective with shipments on or after May 24, 2021. Sonoco had said that the price increase was necessary due to continued increases in costs for uncoated recycled paperboard (URB) and significant inflationary pressures in adhesives, packaging and logistics costs.

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