Sonoco (NYSE:SON), one of the largest diversified global packaging companies, announced today that its Prepared and Specialty Foods segment will raise prices for CPET (crystallized polyethylene terephthalate) thermoformed plastic trays and bowls by 9 percent. The increases will be applied individually and will be effective for shipments on or after March 1, 2022.
The Company said the price adjustments are critical to manage continued increases in costs. Throughout the past year, Sonoco’s Prepared & Specialty Foods segment has faced unprecedented inflation in key raw materials as well as transportation, packaging, labor, and other direct and indirect manufacturing costs. As a result of ongoing inflationary pressure, the Company is adjusting prices to account for non-index-based increases passed on by materials suppliers and general inflation on all other cost inputs.
