Sonoco Protective Solutions Announces Price Increase
Feb. 14, 2014 - Sonoco today announced that Sonoco Protective Solutions will be increasing prices, as contracts allow, from six percent to 12 percent, effective Feb. 15, 2014.
The increases, which are in addition to any previously announced increases, are necessary to adjust pricing for inflationary input costs incurred as a result of continued escalating raw material and energy costs over the last 12 months, the company said.
The announced increases will impact all of Sonoco Protective Solutions' customer base.
"Sonoco is committed to creating and maintaining a mutually beneficial partnership with our customers," said Vicki Arthur, vice president, Sonoco Protective Solutions.
'We continue to work diligently to control input costs through ongoing manufacturing and procurement productivity initiatives. These efforts have helped mitigate some rising costs in the marketplace. However, continued increases in the costs of natural gas, feed stocks and raw materials have made a portion of these increases unavoidable and a part of our ongoing cost structure. Therefore, Sonoco will need to raise prices in order to reflect the higher raw material, energy and manufacturing costs."
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. To learn more, please visit: www.sonoco.com.