Sonoco will close two unspecified European plants, finance chief Paul Joachimczyk said alongside third-quarter 2026 results on 22 October 2026, expecting savings of USD 15m-20m in 2027. The closures sit within a three-year profitability programme targeting USD 150m-200m in total savings, of which USD 34m had been achieved by end September 2026; no sites or job losses were disclosed.
Why this mattersSonoco is taking European capacity out while recovered-paper costs rise about 90% and drought-hit harvests weaken food-can demand, a squeeze European converters share.
- Sonoco will close two European plants; sites and headcount impact not disclosed
- Expected savings of USD 15m-20m in 2027 from the closures
- Part of a three-year programme targeting USD 150m-200m in total savings, USD 34m achieved by end September 2026
- Consumer Packaging segment revenue fell 3% to just under USD 1.4bn on weaker food-can demand after drought hit harvests in Europe and North America
- Recovered paper costs rose about 90% year on year, prompting a EUR 60/tonne September price increase for European uncoated recycled board
- Q3 2026 revenue was USD 2.04bn, down about 4% year on year, with adjusted EBITDA of USD 352m, down 9%
Sonoco reported a third-quarter 2026 GAAP net loss of USD 732m after a USD 829m non-cash goodwill impairment on its Consumer Packaging EMEA/APAC and Industrial Paper Packaging APAC businesses, against net income of USD 123m a year earlier. Net sales fell 4.2% to USD 2.04bn, mainly because of the ThermoSafe divestiture, while Consumer volume/mix dropped 3% as drought hit food can demand and cost inflation exceeded expectations. Adjusted net income was USD 167m, down from USD 191m; Sonoco cut total debt by USD 162m, refinanced a USD 800m term loan and revised its full-year 2026 guidance.
Why this mattersThe writedown on international consumer units and a 3% Consumer volume decline contrast with 94% URB mill utilisation, leaving industrial paper as Sonoco's steadier earnings base.
- Goodwill impairment of USD 829m: USD 802m on Consumer Packaging EMEA/APAC and USD 27m on Industrial Paper Packaging APAC.
- Q3 2026 GAAP net loss was USD 732m (USD 7.36 per diluted share), against net income of USD 123m (USD 1.23) a year earlier.
- Net sales fell 4.2% to USD 2.04bn, mainly due to the November 2025 ThermoSafe divestiture; flat excluding divestitures.
- Adjusted net income was USD 167m (USD 1.67 per share), down from USD 191m (USD 1.92).
- Consumer volume/mix fell 3%; North America URB trade ton sales rose 10% with mill utilisation at 94%.
- Q3 operating cash flow was USD 285m; total debt fell USD 162m to USD 4.29bn and a USD 800m term loan was refinanced.
- Full-year 2026 guidance cut to adjusted EBITDA of USD 1.20bn-1.25bn and adjusted EPS of USD 5.30-5.50
- Industrial Paper Packaging sales rose 5.2% to USD 646m but operating profit fell to USD 88m from USD 94m
- Industrial Paper Packaging sales rose 5.2% in Q3 2026 on pricing and wire-and-cable reel demand linked to data-centre and infrastructure investment
- Sonoco opened a paper-can plant in Thailand and has expanded reel capacity by more than 30% since 2024
- Sonoco flagged potential 2027 tinplate cost increases stemming from European steel trade restrictions as a margin pressure
A decree signed by President Vladimir Putin on 15 October 2026 places three foreign-linked packaging producers in Russia under temporary management by OOO Management Company Capital Center: 12,600 ordinary shares of Kappa Rus, 99.71% of Menshen Packaging CIS and 100% of Eviosys Packaging Kuban. TASS names the owners as Georg Menshen, Sonoco Packaging Netherlands Investments and Sverige International Holdings, the vehicle through which Smurfit Kappa sold Kappa Rus to management in 2023. The decree responds to EU support for Ukraine; the Kremlin says it can be reversed.
Why this mattersMoving Russian units tied to Sonoco and Menshen into temporary management shows the exposure Western groups still carry in Russia, as do the buyers of businesses they sold there.
- A decree of 15 October 2026 transferred 12,600 ordinary shares of Kappa Rus, 99.71% of Menshen Packaging CIS and 100% of Eviosys Packaging Kuban into temporary management.
- TASS names the foreign owners as Georg Menshen GmbH & Co. KG, Sonoco Packaging Netherlands Investments B.V. and Sverige International Holdings AB.
- OOO Management Company Capital Center was appointed as manager.
- Kappa Rus, a Smurfit Kappa subsidiary until its 2023 sale to management via Sverige International Holdings, makes corrugating medium, containerboard and corrugated packaging; 2025 revenue was RUB 16.5bn.
- Eviosys Packaging Kuban is among Russia's largest tin can producers; Menshen Packaging CIS makes plastic packaging.
- The decree, which also covers Russian assets linked to Tarkett, responds to EU support for Ukraine; the Kremlin said it could be reversed.
- Dagens industri identifies Swedish businessman Patrik Ström as the owner behind Sverige International Holdings
- Kappa Rus comprises three corrugated board plants, one paper mill and one bag-in-box facility
- Sverige International Holdings booked Kappa Rus shares at SEK 933m (USD 94.3m) in its 2024 annual report
- Ström retains legal ownership of the shares but loses operational control and dividend rights
- Belgian hygiene group Ontex is also named among companies whose Russian assets were placed under temporary management.
- The Kremlin linked the move to earlier September 2026 seizures affecting Nestle and retailers Auchan and Metro.
- Russia cites the EU's freeze of about EUR 210bn (USD 235.7bn) in Russian sovereign assets as a trigger for the decree.
- Combined annual revenue of the five entities named in the decree, including Tarkett and Kappa Rus, exceeds RUB 50bn (EUR 532m)
- Ontex RU, part of Belgian hygiene group Ontex, was also placed under temporary state management in the same decree
- The appointed manager, referred to as Centre Capital, is headed by Marat Mirkhaydarov, a former regional governor's chief of staff
- Ontex Russia, with about 350 employees, a Noginsk plant and a Moscow sales office, was placed under interim administration under the same decree mechanism
- Ontex Russia accounts for about 5% of group revenue and 7-8% of adjusted EBITDA under IFRS
- Ontex says it is investigating the measure and will consider actions to protect its assets and operations
- Flooring maker Tarkett's Russian assets were confirmed as covered by the same decree mechanism, alongside Menshen Packaging CIS, Kappa Rus and Eviosys Packaging Kuban
- The Kappa Rus manager appointed under the decree is identified as Centre Capital, a company registered in February 2026.
- Patrik Strom is named as the Swedish businessman holding formal share ownership of Kappa Rus despite losing operational control.
- Ontex, alongside Tarkett and Menshen, is named as a group whose Russian assets were placed under state administration the same day.
Graphic Packaging Holding Company has appointed Aditya Gandhi as vice-president and chief accounting officer, reporting to interim chief financial officer Charles Lischer. Gandhi joins from AptarGroup, where he held the same title, having previously served as chief accounting officer at Sonoco Products Company.
Why this mattersA permanent chief accounting officer under an interim CFO adds finance capacity at a company whose second-quarter net income fell 77% to USD 24m.
- Aditya Gandhi joins Graphic Packaging as vice-president and chief accounting officer.
- He reports to interim chief financial officer Charles Lischer.
- Gandhi was previously chief accounting officer at AptarGroup and at Sonoco Products Company.
- He spent more than ten years at Deloitte, including senior posts in its National Office and London practices.
- Graphic Packaging reported Q2 2026 net income of USD 24m, down 77% from USD 104m a year earlier.
Sonoco has signed a first amendment to its credit agreement with CoBank, adding USD 800m in term loan facilities. It drew USD 500m at closing, split between a USD 400m Tranche A due December 2029 and a USD 100m Tranche B due December 2031, to refinance an existing USD 500m term loan maturing in 2028. A further USD 300m of Tranche B remains available for up to three draws over the next 12 months.
Why this mattersThe refinancing extends Sonoco's debt maturity profile and adds committed, prepayable liquidity ahead of its 2028 term loan maturity.
- First Amendment to Credit Agreement signed 25 September 2026, adding USD 800m in term loan facilities
- USD 500m drawn at closing: USD 400m Tranche A due 31 December 2029 and USD 100m Tranche B due 31 December 2031
- Proceeds refinance an existing USD 500m term loan maturing in 2028
- Remaining USD 300m of Tranche B available for up to three draws within 12 months
- Lender group is CoBank, as administrative agent, and Farm Credit System lenders
- Both tranches are prepayable without penalty and carry interest margins tied to Sonoco's debt ratings
Sonoco's Orbit vacuum closure has been awarded the Swedish Rheumatism Association's Easy to use certification, following testing by users with reduced hand strength and dexterity. Sonoco is encouraging brand customers using Orbit to display the mark on pack.
Why this mattersThird-party accessibility certification gives brand owners a differentiator for closures aimed at consumers with reduced hand function.
- Sonoco's Orbit vacuum closure has received the Swedish Rheumatism Association's Easy to use certification.
- The certification followed user testing with people of varying hand strength and dexterity.
- Sonoco is encouraging customers using Orbit to display the certification mark on pack.
Platinum Equity is in advanced talks to acquire Dutch metal packaging maker Trivium Packaging for USD 3.5 billion from current owners Ontario Teachers' Pension Plan Board and Ardagh Group S.A. The private equity firm has emerged ahead of other bidders, including Sonoco, which dropped out after its USD 3.9 billion purchase of Eviosys in June 2024. A final agreement is expected within weeks, though talks are not guaranteed to conclude.
Why this mattersA USD 3.5bn buyout would reshape ownership of a top-tier metal packaging supplier and signal renewed private-equity appetite for large sector assets.
- Platinum Equity is negotiating to acquire Trivium Packaging for USD 3.5 billion.
- Sellers are Ontario Teachers' Pension Plan Board and Ardagh Group S.A.
- Deal expected to close within coming weeks, pending final agreement.
- Trivium reported annual revenue of USD 3.1 billion and employs 7,500 people across 60 sites.
- Trivium was formed in 2019 from the merger of Exal Corp. and Ardagh's food and speciality packaging business.
- Sonoco had earlier been a bidder but withdrew after buying Eviosys for USD 3.9 billion in June 2024.
The regional stock exchange BRVM suspended trading in three Ivorian companies, including metal packaging maker SONOCO Metal Packaging, from 16 September 2026 for breaches of financial disclosure rules. SONOCO and coconut processor SICOR failed to publish first-quarter and first-half 2026 results, while sugar producer Sucrivoire did not disclose price-sensitive information. Trading will resume once each company files the required disclosures.
Why this mattersThe suspension cuts off liquidity for one of the region's listed metal packaging producers until it corrects disclosure failures flagged for a second time in a year.
- BRVM suspended trading in Sucrivoire, SONOCO Metal Packaging and SICOR from 16 September 2026.
- SICOR and SONOCO were cited for failing to publish first-quarter and first-half 2026 financial results.
- Sucrivoire was suspended for not disclosing price-sensitive information.
- SONOCO was previously suspended from trading on the BRVM in September 2025 for repeated delays in publishing results.
- Trading resumes once SICOR and SONOCO file the outstanding disclosures and Sucrivoire issues its statement.
- The suspension is temporary and does not amount to a delisting.
The Poly Coated Paper Alliance has published a US design guide for the mill recyclability of poly coated paper packaging, the first comprehensive resource of its kind, built on feedback from mills representing over 90% of relevant recovered fibre consumption. The guide arrives as Circular Action Alliance finalises California's extended producer responsibility scheme and can draw on it to set fees and recovery strategies. The full guide is restricted to PCPA members for now, with public release planned after further industry consultation.
Why this mattersA mill-informed design standard could shape which coated-paper formats brands and converters keep making as US EPR fee schedules take effect.
- The Poly Coated Paper Alliance published its 2026 Design for Mill Recyclability Guidance on 15 September 2026, the first comprehensive US design guide for poly coated paper packaging.
- The guide covers formats including milk and juice cartons, coffee cups and ice cream containers.
- It was developed with input from US and Canadian mills representing more than 90% of consumption of recovered fibre grades containing poly coated paper, including Grade 54 Mixed Paper and Grade 52 Cartons.
- The framework uses four compatibility categories: fully compatible, conditionally compatible, not compatible and unknown, adapted from the 4evergreen Alliance guidance.
- Circular Action Alliance can use the guide to inform fees and recovery strategies as it finalises extended producer responsibility implementation in California.
- The full design guide is currently available only to PCPA members, advisors and partners, with public release planned after further industry engagement.
