Sonoco To Invest (CONT’D FROM PAGE 1 )
“We are calling this investment Project Horizon, as we will be creating a much brighter future for our domestic URB mill system while resolving the volatility we have ex- perienced as an independent producer of corrugated me- dium from our No. 10 machine. These investments will drive significant operating cost savings, ensure the long-term vi- ability of our Hartsville paper mill complex and place our U.S. and Canada URB mill system into the top quartile of performance from a cost perspective,” said Howard Coker, Sonoco President and Chief Executive Officer. The Hartsville No. 10 machine conversion will start with the development of a new recycled fiber stock prep sys- tem, which will allow the mill complex to use a wide range of low-cost mixed paper and OCC. As part of the mill sys- tem optimization program, Sonoco will also increase ca- pacity of its Wisconsin Rapids, Wisconsin, mill. After the full ramp up of production, the mill system in- vestment is projected to provide approximately $24 mil- lion in annual cost savings starting in 2023, while deliv- ering returns well above the cost of capital. Sonoco also expects to drive additional savings from supply chain op- timization, along with environmental and power consump- tion savings. In addition, Sonoco is permanently closing its No. 3 URB paper machine in Hartsville and its Trent Valley, On- tario, Canada, paper mill due to market conditions.
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April 20, 2020
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