RTTNews | May 3, 2021 07:18AM EDT

07:18 Monday, May 3, 2021 (RTTNews.com) - Sonoco (SON), a provider of consumer, industrial, healthcare and protective packaging, Monday said it is increasing prices for all rigid paper containers and closures sold in North America by 9.5 percent, effective with shipments on, and after, June 3.

The company said the price increase is necessary to recover rapidly rising costs for key raw materials used to produce rigid paper containers and closures.

Ernest Haynes, Division Vice President and General Manager, Rigid Paper and Closures, North America, said the company is experiencing input cost pressures due to the rising inflationary cost of adhesives, laminate structures, recovered paper and steel.

Haynes said, "These inflationary cost increases have been compounded by the after-effects of Winter Storm Uri on the adhesives industry along with incredible demand in the steel marketplace. While we have taken extraordinary measures to protect our customers from supply chain related disruptions, it has not been without incurring significant material cost increases."

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