Sonoco to Repurchase $2M Shares

Sonoco SON, Chairman and Chief Executive Officer Harris E. DeLoach, Jr. and Charles J. Hupfer, senior vice president and chief financial officer, today addressed the investment community in New York to provide an update on the Company's 2010 financial performance, outline strategic initiatives, announce a common stock repurchase and establish its financial outlook for 2011. DeLoach announced that Sonoco would immediately begin to repurchase 2 million shares of Sonoco common stock. The share repurchase will be made in open market transactions and is expected to be completed no later than the end of the first quarter of 2011. The shares are being repurchased under a 5 million share repurchase authorization previously approved by Sonoco's Board of Directors. As of December 1, 2010, Sonoco had 101,152,528 shares of common stock outstanding.