Sonoco announces net sales increase in Q3
Sonoco Products Company, one of the largest sustainable global packaging companies, reported financial results for its third quarter ended October 2, 2022.
The company announced that net sales had increased by 34% year-on-year to $1.9billion from strategic pricing performance and continued strong results from the Sonoco Metal Packaging acquisition.
Howard Coker, President and CEO of Sonoco, said: “We delivered another strong quarter of results from stable consumer demand and improving supply conditions, while executing a number of activities critical to our future.
“We are delighted that we have successfully completed the initial start-up of our advanced #10 URB machine in the Hartsville Mill Complex which will improve our paper making efficiency.
“In parallel, we are expanding paper production capability with the planned acquisition of Skjern Paper in Denmark to support growing demand for sustainable paper-based packaging in Europe. Overall, I am pleased with our team’s performance through the quarter while successfully meeting the demand requirements of our customers.”
Read the full Q3 report here.