Sonoco to increase prices for rigid plastic packaging by 6% to 10%

Sonoco to increase prices for rigid plastic packaging by 6% to 10%

Sonoco Products Co. SON, +0.07% said Monday it is raising prices on all rigid plastic packaging in the U.S. and Canada by 6% to 10% effective Nov. 5. “Continued resin disruptions, strong regional demand, and increases in other materials and freight are driving prices up throughout the supply chain,” Sonoco’s Jeff DiPasquale, general manager for the company’s global plastics operations, said in a statement. The company will work to combat inflationary pressures, but “we must recover our current cost exposure,” said DiPasquale. Sonoco shares were slightly higher in early trade Monday and have gained 3.4% in 2018, while the S&P 500 SPX, -0.12% has gained 8%.

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