Sonoco Products Co. SON, -1.94% said Thursday it will raise prices between 6% and 10% on foam packaging and refrigeration products in the U.S. and Mexico, starting on or before Nov. 10. The packaging and industrial products company said the move is an attempt to offset rising input costs. “We continue to see inflation in our input costs related to EPS, EPP, PUR, corrugate, freight, flexible films and labor,” said Russell Grissett, division vice president of Sonoco Protective Solutions. “Our supply management team continues to leverage our global reach; however, overall tightness in supply continues to drive up prices.” The stock, which was still inactive in premarket trade, has slipped 0.9% year to date while the S&P 500 SPX, -3.29% has gained 4.2%.
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