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(SON) - Get Sonoco Products Company Report

plans to close about 12 plant locations globally and reduce about 540 positions worldwide.

The packaging company said the moves are focused on international operations and should result in $23 million in annual pretax savings by 2007.

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The restructuring program is estimated to cost about $35 million and will be incurred starting in the fourth quarter and continue into 2007.

This story was created through a joint venture between and IRIS.