July 22, 2016 Updated 7/22/2016
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Sonoco Products Co. Sanders
Sonoco Products Co. is ramping up production of its new plastic can in anticipation of launching the container in hundreds of retail stores this fall.
The Hartsville, S.C.-based company told stock analysts on its second quarter earnings call that the polypropylene can with metal ends should hit the shelves in about 400 grocery stores in the Southeast in the fall.
“Additionally,” CEO Jack Sanders said, “we are actively working with several other process food customers for TrueVue development in 2017 and beyond.”
The company previously indicated it was working with McCall Farms, a South Carolina-based food company, to put some of that firm’s Glory brand vegetables in TruVue cans.
News of the TruVue can progress comes as the company also signaled its continued interest in growing its plastic packaging business.
“I think if you’re stepping back and saying the total portfolio for Sonoco: No, we’re not where we’re going to be. We’ve been fairly consistent that we want to grow in flexibles. We want to grow in thermoforming. And we want to grow on the protective solutions side,” CEO Jack Sanders said.
Following the company’s conference call, Wells Fargo Securities was out with a research note indicating the firm believes Sonoco is considering what it termed “a large acquisition.”
“We believe [Sonoco] remains in the process of targeting a sizable acquisition that could serve as a potential catalyst to grow its consumer business from 55 percent of total sales currently to 75-80 percent over the next few years,” the note from Senior Analyst Christopher Manuel states.
