Packaging business Sonoco Products Co. (SON) said Monday that it will raise the price for all grades of uncoated recycled paperboard products by $25 per ton, citing continued inflationary pressure. The price increase is effective for shipments in the U.S. and Canada, beginning February 11, 2013.
Marty Pignone, Vice President of Primary Materials Group, North America said, "This price increase is necessary to recover continued inflationary pressure from non-fiber-related costs, including chemicals, energy, freight, repair materials, labor and other expenses."
In early December, Hartsville, South Carolina-based Sunoco detailed its guidance for the full year 2013, which is expected to lag behind analysts' estimates. The packaging products maker also confirmed its fourth-quarter and full-year guidance, while indicating it did not see any changes in economic conditions to revise the outlook.
SON closed Friday's trading at $30.23, up $0.21 on a volume of 543,000 shares.
by RTT Staff Writer
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