Sonoco to close two European plants under cost-cutting programme

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%

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