FDA Approves Mitapivat for Anemia in Thalassemia Patients 
AstraZeneca’s LATIFY Phase III Trial of Ceralasertib Misses Primary Endpoint in Lung Cancer Study 
ByteDance Plans Massive AI Investment in 2026 to Close Gap With U.S. Tech Giants 
Italy Fines Apple €98.6 Million Over App Store Dominance 
BlackRock-Backed Global Ports Deal Faces Uncertainty Amid Cosco Demands 
Niigata Set to Approve Restart of Japan’s Largest Nuclear Power Plant in Major Energy Shift 
FTC Praises Instacart for Ending AI Pricing Tests After $60M Settlement 
BP Nears $10 Billion Castrol Stake Sale to Stonepeak 
John Carreyrou Sues Major AI Firms Over Alleged Copyrighted Book Use in AI Training 
Nvidia to Acquire Groq in $20 Billion Deal to Boost AI Chip Dominance 
Nike Stock Jumps After Apple CEO Tim Cook Buys $2.9M Worth of Shares 
Sanofi to Acquire Dynavax in $2.2 Billion Deal to Strengthen Vaccine Portfolio 
Saks Global Weighs Chapter 11 Bankruptcy Amid Debt Pressures and Luxury Retail Slowdown 
Uber and Baidu Partner to Test Robotaxis in the UK, Marking a New Milestone for Autonomous Ride-Hailing 
Eli Lilly and Novo Nordisk Battle for India’s Fast-Growing Obesity Drug Market 
South Korean Court Clears Korea Zinc’s $7.4 Billion U.S. Smelter Project, Shares Surge 
HARTSVILLE, S.C., Feb. 07, 2017 -- The Reels Division of Sonoco (NYSE:SON) today announced it is implementing a general price increase for both new and recycled molded wooden plugs in the United States and Canada. Sonoco has not increased prices for its plug products since 2011. The price increase is expected to be in the range of 6-8%.
“This increase is necessary to capture inflationary pressure that has entered the market over the past 6 years across a range of operational and material inputs, including energy, corrugated medium, transportation costs and raw materials,” said Dave Winebarger, division vice president and general manager for Sonoco’s U.S. and Canada reels and plugs operations. “Recovering these rising costs will allow us to continue providing high-quality, value-adding products to our customers.”
Sonoco is North America’s leading producer of molded wooden plugs and wood, steel, recycled and composite reels used for a wide range of industrial applications. For more information about Sonoco’s complete line of reels, spools and plugs, or to learn more about current pricing, please visit the Company’s website (www.sonoco.com) or contact the Company at 1-800-377-2692.
About Sonoco
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging and display and packaging supply chain services. With annualized net sales of approximately $5.0 billion, the Company has 20,000 employees working in more than 300 facilities in 35 countries, serving many of the world’s best known brands in some 85 nations. For more information on the Company, visit our website at www.sonoco.com.
Contact: Brian Risinger +843-383-7509 [email protected]
