Sonoco Plans Price Hike For Paperboard Tubes, Cores

• Sonoco Products Co (NYSE:SON) plans to raise the price of all paperboard tubes and cores by a minimum of 6%.
• The price rise will be effective with shipments in the U.S. and Canada on or after June 10, 2022.
• "Ongoing market tightness and additional inflationary cost pressures from rising paperboard prices, our primary raw material, along with higher labor rates, make this increase necessary," said Doug Schwartz, Division VP and General Manager, North America Tubes and Cores.
• Sonoco produces paper-based tubes and cores in North America, which are used to serve the paper, plastic film, textile, tape, and specialty markets.
• Price Action: SON shares are trading lower by 1.99% at $59.71 on the last check Monday.