Sonoco has implemented a 10 percent price increase on all EPS parts and components and a 7 percent increase on all Sonopost products, effective on all shipments this month.
These increases are in response to a confluence of macroeconomic factors creating an inflationary environment for multiple raw materials used by the Protective Solutions business of Sonoco, which serves markets as diverse as automotive and consumer durables or pharmaceuticals and biologics.
Styrene monomer prices have increased rapidly since October 2016 and have had a significant impact on the cost of polystyrene, which is the key raw material in all expanded polystyrene products produced by Sonoco, officials said.
“Styrene production outages continue to impact prices,” Russell Grissett, vice president and general manager of Sonoco ThermoSafe, said. “This is an unprecedented situation, and it is creating a high level of uncertainty as to where pricing could be headed in the coming weeks.”