Incorporated under the laws | I.R.S. Employer Identification | |
of South Carolina | No. 57-0248420 |
On Tuesday, October 10, 2006, Sonocos executive management approved a plan calling for the closure of approximately 12 plant locations and the reduction of approximately 540 positions worldwide. The majority of the restructuring program will focus on Europe, where the Company has been operating in a difficult economic environment for the past several years. These measures are being initiated in order to reduce costs and are expected to be completed by the end of 2007. | ||
The total pre-tax cost of the restructuring program is estimated to be approximately $35 million, most of which is related to severance and other termination costs. Accordingly, the vast majority of the total restructuring cost will result in the expenditure of cash starting in the fourth quarter of 2006 and continuing into 2007. |
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SONOCO PRODUCTS COMPANY | ||||
Date: October 11, 2006
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By: | /s/ C.J. Hupfer | ||
C.J. Hupfer Senior Vice President and Chief Financial Officer |
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