Sonoco Products announced that it will increase prices for its paper-based engineered carriers by between 7.5 percent and 12 percent in Europe, effective June 10.
"Sonoco has and will continue to aggressively seek ways to offset costs with productivity improvements. Indeed, this is the first general price increase for tubes and cores in over two years. However, increases in operating costs, including salaries, energy and rising coreboard prices, which are expected to continue increasing, make this price increase necessary," said Paterno.
Following the announcement about a hike in the finished product price hike in Europe, the company announced plans to raise Sonoco Products Co . plans to increase prices for paper-based engineered carriers, or tubes and cores, by 7.5 percent in the U.S. and Canada , effective after June 10 .
Sonoco doesn't expect to realize the full net impact of the price increase until the third quarter.
About 75 percent of the company's engineered carriers are sold domestically.
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