HARTSVILLE, S.C. - Sonoco (NYSE: SON), a global packaging company, announced today an increase in the price of all grades of uncoated recycled paperboard (URB) sold in Europe. The price hike of €60 per ton and £50 per ton for the UK market is set to take effect for deliveries starting after April 15, 2024. This move comes as the company seeks to mitigate the impact of rising input costs due to general inflation and the current challenging economic environment.
Nikolaj Thybo, Vice President Sales & Marketing Paper Europe at Sonoco, stated, "This price adjustment has become necessary to offset the higher input cost caused by general inflation and the current challenging economic climate." He further emphasized the company's commitment to monitoring the situation and supporting its European customer base through these changes.
Sonoco, with net sales of approximately $6.8 billion in 2023, operates in more than 300 locations worldwide and employs around 23,000 people. The company serves numerous well-known global brands and is recognized for its focus on creating sustainable packaging solutions. Sonoco's corporate mission, "Better Packaging (NYSE:PKG). Better Life.," reflects its dedication to enhancing the lives of its customers, employees, and communities through better packaging.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.