Sonoco Products

(SON) - Get Report

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

Gillette

(G) - Get Report

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

composite trading.