SEATTLE (Scrap Monster): The Hartsville-headquartered global packaging major, Sonoco, announced its decision to implement price increase for all rigid plastic packaging in the U.S. and Canada. The rise in prices will range between 6% and 10%, based on the specific resin substrate, the company press release said. The price increase will go into effect on 5th November, 2018, it added.
Jeff DiPasquale, division vice president and general manager for Sonoco’s Global Plastics operations noted that the company has been trying its best to source sufficient resin through its worldwide network of procurement facilities by mitigating inflation as much as possible. However, prices have seen substantial surge due to continued resin disruptions, rising freight costs and strong regional demand for the material.
The company has been forced to implement the price increase, as it has become unavoidable in order to recover its current cost exposure. Sonoco expressed confidence in its sourcing capabilities and assured that everything possible will be done to control the costs as much as possible.
The company had announced price increases for paperboard tubes and cores by minimum 6% effective July 16, 2018. Prior to that, it had also announced price increase for all uncoated recycled paperboard products in the U.S. and Canada, effective shipments beginning July 2, 2018.
Copper Scrap View All | |
Alternator | 0.31 (0) |
#1 Copper Bare Bright | 3.81 (-0.04) |
Aluminum Scrap View All | |
356 Aluminum Wheels (Clean) | 0.73 (0) |
6061 Extrusions | 0.64 (0) |
Steel Scrap View All | |
#1 Bundle | 435.00 (0) |
#1 Busheling | 455.00 (0) |
Electronics Scrap View All |