HARTSVILLE, S.C., June 18, 2012 /PRNewswire/ -- Sonoco (NYSE: SON) will implement a surcharge of 8.6 percent for its nailed wood reels, effective July 1, 2012. The surcharge is necessary to offset the steady increase in lumber costs experienced over the past two years.
"We have chosen to use a surcharge rather than changing our base price because we feel lumber costs should soften later this year," said Greg Powell, general manager, Sonoco Reels. "Our plan will be to adjust the surcharge to reflect any future decline in lumber pricing. At the same time, should the cost for lumber continue to increase, our surcharge would be adjusted accordingly."
Sonoco Reels is the most comprehensive provider of reels produced from nailed wood, plywood, poly-fibers, molded plastic and steel materials. Reels produced by Sonoco are used by the wire and cable industry to serve the power transmission and distribution; telecommunications; commercial and industrial building; oil and gas; mining and marine industries.
For more information about Sonoco's complete line of reels or to learn more about current pricing, please visit the Company's website or contact Sonoco Reels at +800/633-3962.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging and packaging supply chain services. With annualized net sales of approximately $4.5 billion, the Company has 19,600 employees working in more than 340 facilities in 34 countries, serving some of the world's best known brands in some 85 nations. Sonoco is a proud member of the Dow Jones Sustainability World Index. For more information on the Company, visit our website at www.sonoco.com.