Sonoco increases prices for plywood reels by 9% with immediate effect, citing escalating plywood costs, which executive says are highest since last economic rebound in 2004-2005
HARTSVILLE, South Carolina
March 12, 2012
– Sonoco (NYSE: SON - News) is increasing the price of its plywood reels by nine (9) percent as a result of its decision to roll the surcharge for reels into base prices. The increase, which is the direct result of escalating market costs for plywood, is effective immediately.
“Plant closings in late 2011 by a key plywood producer, along with an increase in overall demand for plywood, have significantly driven up prices,” said James Harrell, vice president of Sonoco’s Industrial Converting Division. “We are seeing plywood costs at levels we haven’t seen since the last economic rebound in 2004 and 2005.
“Since implementing the plywood surcharge a year ago, we have worked diligently to maintain stable pricing to our customers. We’ve now reached a point where base prices must be adjusted to reflect this fundamental shift in plywood input costs.”
Sonoco Reels is the most comprehensive provider of reels produced from nailed wood, plywood, polyfiber, molded plastic and steel materials. Reels produced by Sonoco are used by the wire and cable industry to serve the power transmission and distribution; telecommunications; commercial and industrial building; oil and gas; mining and marine industries.
For more information about Sonoco’s complete line of reels or to learn more about current pricing, please visit the Company’s Web site at http://www.sonoco.com/productsservices/reelsspools.aspx or contact Sonoco Reels at +800/633-3962.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging and packaging supply chain services. With annualized net sales of approximately $4.5 billion, the Company has 19,600 employees working in 349 operations in 34 countries, serving some of the world’s best known brands in some 85 nations. Sonoco is a proud member of the 2011/2012 Dow Jones Sustainability World Index. For more information on the Company, visit our website at www.sonoco.com.
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