Sonoco Closes Uncoated Paperboard Mill In Sumner, Washington; To Cut Jobs

(RTTNews) - Sonoco Products Co. (SON), a packaging company, Monday announced that it will permanently close its uncoated paperboard mill operations in Sumner, Washington effective immediately, with a view to reducing operating expenses. This will also impact jobs, the company said in a statement.

The mill was operational since 1915 and was owned by the company from 1980 onwards. It has a capacity of 40,000 tons per year. The closure will also lead to job loss of 55 employees.

Existing customers of Sonoco will continue to be served by the company from its other mill operations.

On Friday, Sonoco shares closed at $56.95, down 0.78 % on the New York Stock Exchange.