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2005-10-12

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Global Manufacturer to Raise Prices for Flexible Packaging

Seattle, WA, USA--(Jobwerx News)--Services provider and manufacturer to raise prices for its flexible packaging products effective November 1, 2005 due to higher operating costs.

Sonoco (NYSE: SON), the global packaging company, will raise prices for its flexible packaging products, effective November 1, 2005, it was announced today by Charles L. Sullivan, executive vice president. The amount of increase will vary by product but is expected to average in the range of seven to nine percent.

"Every effort has been made to offset the need for price increases with productivity improvements and other cost reduction initiatives. However, with higher costs for raw materials and other operating costs such as energy and freight, exacerbated by recent events on the Gulf Coast, we cannot afford to absorb these increases without recovery," said Sullivan. He noted that the Company will continue to closely monitor such costs for any future increases and, if necessary, will implement additional price changes.

"We know that the current operating environment is unusual. Sonoco will continue to work closely with customers to identify and initiate opportunities to improve productivity and to effect other cost-reduction actions," concluded Sullivan.

Sonoco recently announced that it will close its tube and core plant in Canandaigua, New York, as part of its previously announced plans to reduce its overall cost structure. The plant closing will be phased over the next year. Sonoco has operated the plant since 1968.

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