Sonoco projecting sales of plastic containers expected to increase to nearly $300 million in 2008.
Monday, March 31st, 2008I learned that as a result of a few acquisitions within the industry, combined with strong organic growth, Sonoco is expecting a large increase in sales in 2008. You can read more about this here.
Sonoco Releases 2007 Annual Report to Shareholders
Company’s Annual Meeting Scheduled for April 16, 2008
HARTSVILLE, S.C.–(BUSINESS WIRE)–Sonoco (NYSE: SON), one of the largest diversified global packaging companies, today announced that its 2007 Annual Report to Shareholders is now available on the Company’s Web site at http://www/sonoco.com/, in the investor relations section. The annual report entitled, “Progress Forward,” reviews Sonoco’s record financial performance in 2007 and provides an overview of the Company’s strategy to accelerate profitable growth over the next five years.
“We have made significant progress during the past five years in achieving our goal to grow the size and scope of Sonoco while building long-term value for our shareholders,” Harris E. DeLoach, Jr., chairman, president and chief executive officer, wrote in his letter to shareholders in the 2007 Annual Report. “Our strategy to accelerate profitable growth during the next five years is called “Progress Forward.” The key steps of this strategy include: providing average annual double-digit total returns to our shareholders; achieving profitable sales growth through improved organic sales development; geographic expansion; providing total solutions to our consumer product company customers; developing new products and services and making strategic acquisitions; attaining superior returns on investment and equity; maximizing cash flow from operations; and improving execution by having the right people in the right jobs.”
The cover of the annual report has a photo showing vibrant, brand-defining extrusion blow-molded containers that are produced at Sonoco’s Matrix Packaging plant in Addison, Ill. Acquired by Sonoco in May 2007, Matrix Packaging is a leading North American manufacturer of custom-designed, blow-molded rigid plastic containers produced at seven plants in the United States and Canada. As a result of this and other acquisitions, along with strong organic growth, Sonoco is projecting sales of rigid plastic containers are expected to increase to nearly $300 million in 2008, a five-fold gain over 2006 levels.
Sonoco has mailed the 2007 annual report and proxy statement to its shareholders in preparation for its annual meeting which will be held on Wednesday, April 16, 2008, at the Center Theater, 212 North Fifth Street, Hartsville, S.C., beginning at 11 a.m. Eastern Time. For those unable to attend the meeting in person, a live webcast of the meeting can be accessed via the Internet at http://www.sonoco.com/, under the “Latest News” section. Those planning to participate should plan to connect to the live webcast at least ten minutes prior to the start. The meeting webcast also will be archived on the Investor Information section of Sonoco’s Web site.