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Benzinga
Benzinga
Business
Shivani Kumaresan

Sonoco Hikes Price Of Uncoated Recycled Paperboard As Inflation Woes Persist

SON (Organization) Sonoco Tim Davis Canada Sonoco Products Co
  • Sonoco Products Co (NYSE:SON) said it is implementing a $50 per ton price increase for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada.
  • The price hike will be effective with shipments beginning May 30, 2022.
  • Sonoco said the price change reflects continued tight market conditions and inflationary pressures on manufacturing costs, including energy, freight, chemicals, packaging materials, and labor.
  • "We continue to be challenged by strong demand, increasing backlogs and inflating costs," said Tim Davis, Division VP and General Manager, Paper – U.S. and Canada.
  • Price Action: SON shares are trading lower by 2.97% at $60.07 on the last check Monday.
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