Sonoco Implementing Price Increases for All Rigid Paper Containers and Closures

Net Income was $165 million, or $0.55 per share, based upon 302.6 million weighted average diluted shares. This compares to third quarter 2023 Net Income of $170 million, or $0.55 per share, based upon 309.2 million weighted average diluted shares. The third quarter of 2024 was impacted by a net charge from special items and amortization of purchased intangibles of $29 million and the third quarter of 2023 was impacted by a net charge from special items and amortization of purchased intangibles of $59 million. Michael Doss, the Company's President and CEO said, "In the third quarter, we saw our packaging volumes turn positive, after Europe's return to growth in the second quarter. Third quarter also saw the launch of new paperboard cup and container innovations for major Foodservice customers and the first-ever round BoardioTM paperboard canister for a leading collagen-protein brand. Our innovations are delivering real value for our customers and for consumers. Despite volume challenges brought on first by customer and retailer destocking and later by the pressure consumers are feeling from price inflation, we are delivering margin strength and consistency in line with the best global consumer packaging companies. That speaks to the value of the portfolio we have created, the success of our sustainable packaging innovations, and our team's commitment to outstanding execution. As volumes continue to improve and our Waco investment moves toward completion, cash generation will rise significantly, and we will deploy that cash to create substantial additional value for shareholders."

Stora Enso has completed the conversion of its Oulu paper mill for production of packaging board. The pulp mill has been in production since mid-January and the newly converted machine is in a start-up phase. The project began in May 2019 following a decision to invest EUR 350 million, and it was completed within the budget frame. The packaging machine will now be ramped up during the first quarter and is expected to reach its designed production capacity by the end of this year. The new line producing kraftliner will serve global customers in demanding packaging end-uses that require strength, purity and strong visual appearance features. The product, AvantForteTM by Stora Enso, has three fiber layers, making it the strongest kraftliner in Stora Enso’s portfolio. Packaging applications include fresh, fatty or moist food, as well as high-end e-commerce packaging. “Completing the Oulu Mill conversion is an important step in our transformation and responds to increasing global market demand for circular and eco-friendly packaging materials,” says President and CEO Annica Bresky.

Finding new ways to address our environmental challenges is reliant on our ability to foster innovation to find ways of driving systemic change. To support such innovation and progress towards circularity, Huhtamaki, a key global provider of sustainable packaging solutions for consumers around the world, donated €600,000 to fund the development and piloting of a river waste collector, invented by the Finnish cleantech start-up RiverRecycle. The collector is an integral part of RiverRecycle’s solution to solve marine waste, one of the biggest global challenges of today. With Huhtamaki’s support, a prototype waste collector was built and tested in Finland. This was then transported to and assembled in Mumbai, where it is now operational and where it will be collecting waste from the Mithi River for the next 12 months. “We believe in protecting food, people and the planet. We also believe that cooperation across the value chain with key stakeholders is needed to address global sustainability challenges, for example such as in this case marine plastics. If we want to drive systemic change, we not only need to support the development and commercialization of innovation that can help stop waste from getting into the oceans, but we also need the monetization of waste and incentivization of local communities to improve their waste management practices,” says Thomasine Kamerling, Executive Vice President Sustainability and Communications at Huhtamaki.