Sonoco Implementing Price Increases for All Rigid Paper Containers and Closures

The Vitop® tap occupies the No. 1 position in the world for wine taps and has revolutionised the Bag-in-Box® system. The Vitop® tap quickly grew in popularity due to its tamper-proof design and high oxygen barrier which provide extended shelf life and product freshness. Tests on the Vitop® tap have revealed it to have a leak rate of just 1 in 5 million, a key contributor to its industry-leading position. To reach such high standards, each tap is individually tested under rigorous quality control standards. Ease of use has also contributed to its global appeal as it requires little effort to obtain a regular flow rate and is self-closing. Click Read More below for additional information.

Smurfit Westrock’s innovative new paper pallet wrap is helping companies to make their supply chains significantly more sustainable. Smurfit Westrock has produced a 100% paper-based alternative to the polyethylene stretch wrap which is commonly used to stabilise pallet loads in transportation. The global stretch wrap market was valued at USD 4.27 billion in 2023 and is projected to grow significantly1. The innovative new solution is made from Nertop® Stretch Kraft paper which is fully recyclable. Its capabilities also include high energy absorption and strong performance in humid conditions. The pallet wrap is the latest addition to Smurfit Westrock’s Better Planet Packaging Portfolio which seeks to reduce the environmental impact of packaging.

“2024 was a milestone year for Sonoco in achieving our strategy to globally scale our metal packaging platform through the acquisition of Eviosys and to transform our portfolio to comprise more sustainable Consumer and Industrial packaging businesses through the announced divestiture of TFP and strategic review of some of our other resin-based diversified businesses,” said Howard Coker, President and Chief Executive Officer. “Our fourth-quarter results were within our expectations as we benefited from strong productivity improvements that more than offset price/cost headwinds that persisted across most of our businesses. Overall, we achieved the second best operating cash flow in our history and maintained solid operating performance due to the focused execution of our global team.” Commenting on the Company’s outlook, Sonoco’s President and CEO, Howard Coker, said, “As we enter the new year, we are focused on successfully integrating Eviosys into Sonoco Metal Packaging and achieving our two-year $100 million synergy target. We have announced the divestiture of TFP and intend to continue pursuing strategic alternatives for our remaining temperature-assured cold-chain packaging business. We intend to use proceeds from divestitures, along with projected strong free cash flow, to lower leverage to 3.0X to 3.3X Net Debt/Adjusted EBITDA by the end of 2026. We will continue to invest in our global Consumer and Industrial packaging businesses while maintaining our focus on profitability and productivity. Finally, we expect to achieve an extraordinary 100 consecutive years of returning cash to our shareholders in the form of dividends. By transforming into a simpler, stronger and more sustainable company, we have positioned Sonoco to grow projected adjusted net income attributable to Sonoco by approximately 20% year over year and adjusted EBITDA by approximately 30% year over year in 2025.”