Sonoco Belgian unit to raise prices to combat inflationary pressures

Sonoco-Alcore S.a.r.l., a Belgian unit of packaging company Sonoco Products Co. SON, -3.25%, said Friday it is raising priced on all tube and core grades sold in the EMEA region by 50 euros ($58.20) per ton, or 50 pounds in the U.K., due to continued inflationary pressures. The increase will effective for all shipments made on or after Nov. 1, the company said. "The new headline news is energy with the massive increases all industries are now seeing across Europe. Other cost areas still continue to rise in addition, and we remain very active in offsetting as much as we can to assist our customers. The speed and magnitude of the energy increase has simply left us with no option but to pass it on," said Karsten Kemmerling, division VP - sales & marketing EMEA. Sonoco shares were not yet active premarket, but are up 0.5% in the year through Thursday, while the S&P 500 SPX, +0.30% has gained 21%.