Sonoco Announces Price Increases on EPS, Corrugated Materials
Nov. 11, 2013 (Press Release) - Sonoco today announced price increases of 4.2 percent on fabricated packaging assemblies containing EPS and/or PE and corrugated materials, 3.7 percent on all EPS parts and components, and 15 percent on corrugate packaging.
The increases will be effective January 1, 2014 , and are necessary to adjust pricing for inflationary input costs incurred since mid-2012.
"Since Sonoco's acquisition of Tegrant, we have worked hard to provide price stability to our customers. To this end, we have been successful in maintaining stable pricing for more than a year," said Greg Powell , vice president, Consumer Protective Solutions.
"Our procurement and productivity initiatives have helped mitigate or otherwise reduce the impact of increases in resin costs, corrugated (linerboard) and energy. However, a portion of these costs have become unavoidable and are now part of our ongoing cost structure. As a result, we are faced with the need to adjust 2014 prices to reflect these higher input costs."