expects to achieve average annual double-digit profit growth and cost reductions of about $25 million to $30 million through global restructuring and plant consolidations.
The packaging products maker, which is based in Hartsville, S.C., also targeted fourth-quarter earnings of 42 cents to 46 cents a share, excluding the one-time transactions. The seven-analyst consensus estimate is 44 cents a share, according to
First Call/Thomson Financial
The company said it expects the majority of reductions and related charges to occur in the first quarter of 2001.
In addition, Sonoco signed a new five-year, fee-based contract with
to continue managing the packaging supply chain for the company's North American razor and blade business, as well as a new assignment for Gillette's European operations.
Shares of Sonoco were lately up 94 cents, or 5%, to $19.81, while shares of Gillette gained 56 cents to $32.81 in
New York Stock Exchange