Sonoco marks 120th anniversary
Sonoco, one of the largest global diversified packaging companies, celebrated its 120th anniversary last week.
The company was founded as the Southern Novelty Company on May 10, 1899.
In honor of the occasion and in recognition of the company’s longstanding financial success, President and CEO Rob Tiede and Vice President and Chief Financial Officer Julie Albrecht rang the closing bell at the New York Stock Exchange.
“On our 120th anniversary, we’re proud to say that Sonoco is stronger than ever,” Tiede said.
“Our company has touched three centuries and faced many evolving challenges, but our people, our products and our principles carry us through and drive us to continually reach for new heights.”
The company has a long history of growth and stability.
Sonoco has paid dividends to shareholders for the past 94 years, since 1925, and has grown its common stock dividends annually for the past 37 years.
The company’s first product was a cone-shaped paper yarn carrier used for winding and transporting yarn.
Since most of the textile cones of that day were wooden, paper cones were a novelty – hence the name the Southern Novelty Company.
The company soon became the leading producer of cones in the United States. In 1923, the Southern Novelty Company name was changed to Sonoco Products Company, or “Sonoco,” using the first two letters from each word of its original name.