Bill Ackman Eyes New Fund to Bet Against Market Complacency 
Anthropic Fights Pentagon Blacklisting in Dual Federal Court Battles 
China's AI Stocks Surge as Zhipu and MiniMax Hit Record Highs 
Tokyo Electric Power Attracts Major Investors Amid Billion-Dollar Restructuring Push 
U.S. Automakers Push Back Against EU Rules Blocking American Trucks from European Market 
SpaceX IPO: Retail Investors to Play Historic Role in Record-Breaking Public Offering 
Kia Cuts EV Sales Target for 2030 Amid Slowing Demand and U.S. Policy Shifts 
Bendigo and Adelaide Bank Posts Strong Q3 Earnings, Announces AI-Driven Job Cuts 
Deere & Company Agrees to $99 Million Settlement Over Right-to-Repair Dispute 
BHP's Incoming CEO Visits China Amid Pricing Dispute with CMRG 
Bank of America Identifies Top Asia-Pacific Semiconductor Stocks Poised for AI-Driven Growth 
Alibaba Shares Slide as Jefferies Slashes Price Target Over AI Spending and Business Losses 
Foreign Investors Pour $18.65 Billion into Japanese Stocks Amid Market Stabilization 
TSMC Posts Strong Q1 2025 Revenue, Riding AI Chip Demand Wave 
Lumentum Holdings Rides AI Wave With Order Book Filled Through 2028 
Chalco Stock Surges as Q1 2025 Profit Forecast Jumps Up to 58% 
Anthropic's Mythos AI Model Sparks Emergency Cybersecurity Meeting With Top U.S. Bank CEOs 
HARTSVILLE, S.C., Nov. 07, 2016 -- Sonoco (NYSE:SON) today announced it has completed the sale of its rigid plastics blow molding operations to Amcor, a global leader of rigid and flexible packaging products, for $280 million.
Sonoco’s rigid plastics blow molding operations include seven manufacturing facilities in the U.S. and Canada with 850 employees producing containers serving the personal care and food and beverage markets. The disposition of these operations is expected to impact annual sales by approximately $205 million. The reduction in sales is expected to impact Sonoco’s fourth quarter 2016 and full year 2017 sales comparison by approximately $30 million and $175 million, respectively. The disposition is not expected to notably affect operating margin percentages for the Company’s Consumer Packaging segment.
According to Jack Sanders, Sonoco president and chief executive officer, the decision to sell the blow molding operations was made to focus the Company’s Consumer Packaging portfolio and provide resources to further expand its targeted growth businesses, including flexible packaging, thermoforming plastics and temperature-assurance packaging for transporting pharmaceuticals, biologics and vaccines.
About Sonoco
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately $5 billion, the Company has 20,000 employees working in more than 300 operations in 35 countries, serving some of the world’s best known brands in some 85 nations. For more information on the Company, visit our website at www.sonoco.com.
Contact: Roger Schrum +843/339-6018 [email protected]
