Sonoco Announces Uncoated Paperboard (URB) Mill Closure in Sumner, Washington
05 Fevereiro 2024 - 9:00AM
Sonoco Products Company (“Sonoco” or the “Company”) (NYSE:
SON), one of the largest global sustainable packaging companies,
today announced that it will permanently close its uncoated
paperboard (URB) mill operations in Sumner, Washington effective
immediately. The mill has been in operation since 1915 and
owned by Sonoco since 1980. It has a capacity of 40,000 tons
per year.
This decision was made as part of Sonoco’s ongoing
strategy to optimize our mill network and lower operating
costs. Current customers will continue to be served from
other Sonoco mill operations. The closure is expected to
impact 55 employees and Sonoco will offer severance benefits to the
impacted employees.
“Closing facilities is never an easy
decision. The mill’s team has played an important role in
Sonoco’s paper operations for over forty years, and we appreciate
the hard work and dedication of the entire team. As we
continue to evaluate our manufacturing footprint based on the
ability to cost effectively serve our customers, we are committed
to provide support to our customers and employees through this
transition,” said Palace Stepps, Sonoco’s Vice President of North
America Paper Products & Fiber Supply.
Contact Information: Lisa Weeks
Vice President of Investor Relations & Communications
lisa.weeks@sonoco.com 843-383-7524
About Sonoco Founded in
1899, Sonoco (NYSE:SON) is a global provider of packaging
products. With net sales of approximately $7.3 billion in
2022, the Company has approximately 22,000 employees working in
more than 320 operations around the world, serving some of the
world’s best-known brands. With our corporate purpose
of Better Packaging. Better Life., Sonoco is
committed to creating sustainable products, and a better world, for
our customers, employees and communities. The Company ranked first
in the Packaging sector on Fortune’s World’s Most Admired Companies
for 2022 and was also included in Barron’s 100 Most Sustainable
Companies for the fourth consecutive year. For more information on
the Company, visit our website at www.sonoco.com.
Forward-looking Statements
Statements included herein that are not historical in nature, are
intended to be, and are hereby identified as “forward-looking
statements” for purposes of the safe harbor provided by Section 21E
of the Securities Exchange Act of 1934, as amended. Forward-looking
statements in this communication include statements regarding, but
not limited to: the Company’s ability to continue to serve its
current customers from other Sonoco mill operations and the
Company’s ability to offer severance benefits to employees impacted
by the mill closure. These forward-looking statements are subject
to a number of risks, uncertainties and assumptions, including but
not limited to risks detailed in the Company’s filings with the
Securities and Exchange Commission, including the Company’s most
recent reports on Forms 10-K and 10-Q, particularly under the
heading “Risk Factors.” In light of these risks, uncertainties, and
assumptions, actual results could differ materially and adversely
from those anticipated or implied in the forward-looking
statements. These statements speak only as of the date the
statements are first made. Except as required by law, the Company
undertakes no obligation to update the statements in this press
release. As a result, you should not rely on any forward-looking
statements as predictions of future events.
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