Sonoco Board Declares Increase in Common Stock Dividend Dividend Raised for the 31st Consecutive Year
HARTSVILLE, S.C., April 17, 2013 /PRNewswire/ -- The Board of Directors of Sonoco (NYSE: SON) today declared a $.31 per share quarterly common stock dividend, an increase from the previous quarterly dividend of $.30 per share. The dividend will be paid on June 10, 2013, to shareholders of record as of May 17, 2013.
According to M. Jack Sanders, president and chief executive officer, this is the 31st consecutive year that Sonoco has increased common stock dividends and 352nd consecutive quarter, dating back to 1925, that the Company has paid dividends to shareholders. If annualized, Sonoco's new dividend is projected to increase from $1.20 to $1.24 per share, an increase of 3.3 percent.
Sonoco's projected annualized dividend of $1.24 per share provides a yield of approximately 3.5 percent, based on the Company's closing stock price of $35.21 as of April 16, 2013. Sonoco's dividend yield is one of the highest provided by any U.S. packaging company and is approximately 50 percent higher than the yield provided by the S&P 500.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective solutions, and displays and packaging supply chain services. With annualized net sales of approximately $4.8 billion, the Company has 19,900 employees working in 347 operations in 34 countries, serving many of the world's best known brands in some 85 nations. Sonoco is a proud member of the 2012/2013 Dow Jones Sustainability World Index. For more information on the Company, visit our website at www.sonoco.com.