What changed in this filing

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Item 1. Business

2025-02-28 compared with 2024-02-28 · 79 added, 114 removed, 160 unchanged (55% of the section changed)

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Sonoco is now a multi-billion dollar global designer, developer, and manufacturer of a variety of highly engineered and sustainable packaging serving multiple end markets.

As of December 31, 2023, the Company had approximately 310 l ocations in 33 cou ntries, serving some of the world’s best-known brands in some 85 n ations.

As of December 31, 2024, the Company had approximately 315 l ocations in 40 cou ntries, serving some of the world’s best-known brands around the globe.

Sonoco is committed to creating sustainable products, services, and programs for the environment and our customers, employees, and communities that support our corporate purpose:

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Our goal is to bring more to packaging than just the package by offering integrated packaging solutions that help define brand personalities, create unique customer experiences, and enhance the quality of products.

We seek to help our customers solve their packaging challenges by connecting insights to innovation and developing customized solutions that are tailored to the customers’ goals and objectives.

We seek to help our customers solve their packaging chal lenges by connecting insights to innovation and developing customized solutions that are tailored to the customers’ goals and objectives.

On December 4, 2024 , the Company completed the acquisition of Eviosys, Europe’s leading food cans, ends and closures manufacturer, from KPS Capital Partners, LP (“KPS”), for an aggregate purchase price of approximately $3.8 billion.

The transaction advances Sonoco’s portfolio transformation strategy to simplify and realign its portfolio and position the Company for long-term growth and value creation.

The transaction is expected to expand Sonoco’s global leadership in metal food can and aerosol packaging and facilitate Sonoco’s ability to partner with global customers and advance innovation and sustainability in metal packaging offerings.

Following the integration process, Eviosys will transition to the Sonoco brand over the coming months and will operate under Sonoco’s Consumer Packaging segment.

On December 18, 2024, the Company announced that it had entered into an agreement to sell TFP to TOPPAN Holdings Inc.

(“Toppan”) for approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments (the “Transaction”).

The Transaction, which reflects the completion of the previously announced strategic review of Sonoco’s Thermoformed and Flexibles Packaging business, is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

In accordance with applicable accounting guidance, the results of TFP are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Annual Report on Form 10-K.

Further, the Company reclassified the assets and liabilities of TFP as assets and liabilities of discontinued operations in the Consolidated Balance Sheets as of December 31, 2024 and 2023.

The Consolidated Statements of Comprehensive Income, Changes in Total Equity, and Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations.

All amounts, percentages and disclosures for all periods presented in this Annual Report on Form 10-K reflect only the continuing operations of Sonoco unless otherwise noted.

See Notes 1 and 2 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information.

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Further information about the Company’s reportable segments is provided in Note 20 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Effective January 1, 2024, the Company will integrate its flexible packaging and thermoforming packaging businesses within the Consumer Packaging segment in order to streamline operations, enhance customer service, and better position the business for accelerated growth.

As a result, the Company will change its operating and reporting structure to reflect the way it plans to manage its operations, evaluate performance, and allocate resources going forward.

Therefore, in future reporting periods, the Company’s consumer thermoforming businesses will move from the All Other group of businesses to the Consumer Packaging segment.

The Company’s Industrial Paper Packaging segment will not be affected by these changes.

As of and for the year ended December 31, 2023, there were no changes to the manner in which the Company reviewed financial information at the segment level;

therefore, these changes had no impact on our reporting structure.

Effective January 1, 2024, the Company began conducting its recycling operations, part of the Industrial Paper Packaging segment, as a procurement function.

As a result, no recycling net sales were recorded and the margin from the Company’s recycling operations reduced “Cost of sales” in the Company’s Consolidated Statements of Income for the year ended December 31, 2024 as these activities are no longer a part of ongoing major operations.

Consumer Packaging

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The operations in this segment consisted of approximately 125 plants throughout the world as of December 31, 2024.

Products within the Consumer Packaging segment consist of rigid packaging (paper, metal, and plastic) and flexible packaging, primarily serving the consumer staples market focused on food, beverage, household, and personal products.

Products within the Consumer Packaging segment consist of rigid packaging (paper, metal, and plastic), primarily serving the consumer staples market focused on food, beverage, household, personal, and pharmaceutical products.

Our rigid paper containers are manufactured from 100% recycled paperboard provided primarily from Sonoco global paper operations.

These paper products are primarily used in the food and beverage markets including snacks, baked goods, powdered drinks, and confectionary goods.

With the acquisition of Metal Packaging in 2022, we expanded our manufacturing capability in steel and aluminum metal fabrication beyond our existing metal ends and closures products to include metal food and household packaging products for vegetables, tomatoes, fruit, spray cleaners, paint, and other products.

Our rigid plastic products are comprised of thermoformed plastic trays and enclosures for fresh produce, condiments, and pre-packaged foods.

Our flexible packaging is comprised primarily of plastic packaging serving a variety of food and personal product applications where high-barrier properties are critical for freshness and shelf-life.

With the acquisitions of Eviosys in December 2024 and Metal Packaging in January 2022, we expanded our manufacturing capability in steel and aluminum metal fabrication beyond our existing metal ends and closures products to include metal food and household packaging products for vegetables, tomatoes, fruit, spray cleaners, paint, and other products.

In 2024, Sonoco’s rigid paper containers were the Company’s largest revenue-producing group of products and services, representing approximately 27% of the Company’s consolidated net sales in the year ended December 31, 2024.

This group comprised 28% and 25% of consolidated net sales in 2023 and 2022, respectively.

4 FORM 10-K SONOCO 2024 ANNUAL REPORT

Industrial Paper Packaging

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In 2024, Sonoco’s tubes and cores products were the Company’s second largest revenue-producing group of products, representing approximately 23% of the Company’s consolidated net sales in the year ended December 31, 2024.

This group comprised 18% and 21% of cons olidated net sales in 2022 and 2021, respectively.

4 FORM 10-K SONOCO 2023 ANNUAL REPORT

This group comprised 23% of cons olidated net sales in both 2023 and 2022.

The businesses grouped as All Other accounted for approximately 8%, 11%, and 10% of the Company’s consolidated net sales in the years ended December 31, 2024, 2023 and 2022, respectively.

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Products within the All Other businesses consist of a variety of packaging materials including plastic, paper, foam, and various other specialty materials.

All Other businesses serve a wide variety of end markets including consumer staples, consumer discretionary, industrial, and pharmaceuticals.

Prior to its divestiture in April 2021, the Company's U.S.

global display and packaging business, which included point-of-purchase displays, fulfillment operations, and contract packaging, was reported in All Other.

All Other businesses serve a wide variety of end markets including consumer staples, consumer discretionary, and industrial.

On April 1, 2024, the Company completed the sale of Protexic, part of the All Other group of businesses, to Black Diamond Capital Management, LLC.

This business provided foam components and integrated material solutions for various industrial end markets.

Other Aspects of the Company’s Business

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Patents, trademarks, and proprietary technology are also acquired through acquisitions and business combinations.

The 2023 acquisitions of the remaining interest in RTS Packaging and the Chattanooga Mill resulted in the Company acquiring trademarks including RTS Packaging®, Wineguard®, Ultra Guardian®, RigidWall®, and Renew 100®, among others.

The 2024 acquisition of Eviosys resulted in the Company acquiring trademarks including Eviosys ®, Mivisa ®, Easy Lift ®, and Bican ®, among others.

Patents and proprietary technology are managed globally by a Sonoco intellectual capital management team through the Company’s subsidiary, Sonoco Development, Inc.

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Seasonality – Although demand for the majority of the Company’s products is not seasonal to any significant degree, the Company’s Metal Packaging operations generally experience higher sales and operating profits during the second and third quarters of the year as demand for certain products increases during the peak of the food packaging season.

Dependence on Customers – On an aggregate basis during 2023, the five largest customers in the Consumer Packaging and Industrial Paper Packaging segments accounted for approximately 26% a n d 10%, respectively, of each segment’s net sales.

Dependence on Customers – On an aggregate basis during 2024, the five largest customers in the Consumer Packaging and Industrial Paper Packaging segments accounted for approximately 35% and 10%, respectively, of each segment’s net sales.

The five largest customers in the All Other group of businesses accounted for approximately 21% of the group’s net sales.

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The Company also believes that its technological leadership, reputation for quality, and vertical integration are competitive advantages.

Expansion of the Company’s product lines and global presence is driven by the rapidly changing needs of its major customers, who demand high-quality, state-of-the-art, environmentally compatible packaging, wherever they choose to do business.

Expansion of the Company’s

5 FORM 10-K SONOCO 2024 ANNUAL REPORT

product lines and global presence is driven by the rapidly changing needs of its major customers, who demand high-quality, state-of-the-art, environmentally compatible packaging, wherever they choose to do business.

It is important to be a low-cost producer in order to compete effectively.

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Sustainability – Packaging plays a fundamental role in providing safe and hygienic delivery systems for food, medicines, and other essential products around the world.

However, we believe the importance of packaging extends beyond its functionality to also include its impact on the planet.

During 2020, we established a new corporate team, led by a vice president directly reporting to our President and Chief Executive Officer (“CEO”), to focus on our global sustainability efforts.

This team has expanded and led the Company’s global sustainability programs for all our packaging businesses, including driving efforts to meet our climate change related goals.

5 FORM 10-K SONOCO 2023 ANNUAL REPORT

In partnership with our employees, we are committed to protecting the natural environment and our communities through sustainable practices.

During 2024, our VP-led Global Sustainability team, which leads the Company’s global sustainability programs, became a part of our Legal & Compliance department.

This change allows us to continue our focus on global sustainability efforts to provide our customers with a wide selection of sustainable products and support related disclosure requirements.

In partnership with our employees, we are committed to promoting sustainable practices in our business.

We emphasize a culture of accountability and strive to conduct our business in a manner that is fair, ethical, and responsible to earn the trust of our employees.

Additionally, we continue to convene our Corporate Sustainability Council to provide oversight, guidance, and direction on social, community, and environmental issues that impact the reputation and economic performance of the Company, and to help address the concerns of our stakeholders.

The Council meets quarterly and reports to and is sponsored by Sonoco’s President and CEO.

The VP Environmental, Sustainability & Technical Services, as the head of the Council, reports quarterly to the Employee and Public Responsibility Committee of the Board of Directors (the “Board”) on Sonoco’s sustainability activities, including tracking of climate-related issues.

We are committed to reporting in line with the Global Reporting Initiative, Task Force on Climate-Related Financial Disclosures, and Sustainability Accounting Standards Board standards as of 2023.

Our sustainability goals include the following key elements:

Greenhouse Gas Emissions – We are setting ambitious targets to reduce our global greenhouse gas (“GHG”) emissions in line with the Paris Agreement, which is aimed at limiting the warming of global temperatures to less than 2°C above pre-industrial levels.

Specifically, Sonoco aims to reduce absolute scope 1 and 2 GHG emissions by 25% by 2030 from a 2020 base year.

We have also set a goal to reduce absolute scope 3 GHG emissions by 13.5% by 2030 from a 2019 base year by working with our customers and suppliers to develop innovative packaging solutions that reduce packaging waste and improve recyclability.

These goals were validated by the Science-Based Target initiative as meeting their requirements for being science-based in June 2021.

Energy Usage – We strive to manage, mitigate, and reduce our GHG emissions where possible.

In support of our GHG emission reductions, Sonoco aims to continue energy efficiency improvements in our manufacturing plants targeted to reduce total energy use by at least 8% by 2030 from a 2020 baseline, in addition to investing in renewable energy and alternative power projects.

Water Usage – We believe reducing our water consumption is part of being responsible stewards of our planet’s resources.

Many of our actions to reduce water usage involve our global paper mills, which account for the majority of our global water usage.

We have conducted initial water risk studies at these manufacturing facilities using the WRI Aqueduct water risk tool.

Single Use Plastics – We are working to reduce the use and impact of virgin plastics on the environment.

As such, we are working to continue to ensure we can make relevant on-pack recyclability claims for our consumer-based global rigid plastic product portfolio, while also ensuring we are closing the loop through continued use of post-consumer recycled content.

We are also committed to responsibly managing resin use at our facilities and are implementing “Operation Clean Sweep”, a program focused on preventing discharge of plastic pellets and nurdles into the environment.

Recycling – We also serve as a valued partner to our customers to reduce the environmental impact of their packaging.

Our sustainability goals include reducing greenhouse gas emissions, energy and water usage, the use of single use plastics, and the environmental impact of our packaging products.

We are working to continue to ensure we can make relevant on-pack recyclability claims for our consumer-based product portfolio, while also ensuring we are closing the loop through continued use of post-consumer recycled content.

We also serve as a valued partner to our customers to reduce the environmental impact of their packaging.

We continue to develop a range of products made from renewable materials and materials that can be recycled or composted at the end of their life.

We engage in activities and make investments that we believe will enable us to innovate our products and improve our operational infrastructure as well as drive end-of-life solutions for our products and develop partnerships with key stakeholders across our value chain to help deliver sustainable solutions.

Human Capital Management - Sonoco’s core belief in “People and Packaging with a Purpose” underlies our efforts to attract, acquire, and retain talented employees for our global businesses.

Human Capital Management - Sonoco’s core belief in “People and Packaging with a Purpose” underlies our efforts to attract, develop, integrate, and retain talented employees for our global businesses.

We bring more to packaging than just the package.

We depend on our employees to achieve our mission of creating sustainable packaging solutions that help build our customers’ brands, enhance the quality of their products, and improve the quality of life for people around the world.

We work towards this goal by establishing a foundation for actions that support sustainability;

health and safety;

diversity, equity and inclusion (“DEI”);

and talent development.

We work towards this goal by establishing a foundation for actions that support sustainability, health and safety, and talent development.

Integrity is a hallmark of the Sonoco culture.

We seek to engage, develop, and reward our employee base so they can successfully pursue our purpose of Better Packaging.

The Company believes that a strong focus on human capital through the talent we hire and retain is critical to maintaining our competitiveness.

This focus on human capital is reinforced by our Policies on Business Conduct and through increasing employee awareness, education, communication, and training.

As of December 31, 2023, we had approximately 23,000 full-t ime equivalent employees, with the majority concentrated in the United States.

We seek to engage, develop, and reward our employees so they can successfully pursue our purpose of Better Packaging.

The Company believes that a strong focus on human capital through the talent we hire and retain, and the talent we gain and integrate through acquisitions, is critical to maintaining our competitiveness.

This focus on human capital is reinforced by our global Policies on Business Conduct and through increasing employee awareness, education, communication, and training.

As of December 31, 2024, Sonoco had approximately 28,000 full-t ime equivalent employees, including approximately 6,500 who joined the Company effective December 4, 2024 in connection with the Eviosys acquisition.

The majority of our employees have historically been concentrated in the United States;

however, with the acquisition of Eviosys, a significant portion of our employees are also concentrated in Europe.

We consider our employee relations to be strong.

We have labor unions in all regions of our operations.

We have la bor unions in all regions of our operations.

In North America, approximately 13.0% of our employees were represented by unions as of December 31, 2024.

We rely on the unique qualities and talents of our employees to help us meet our strategic priorities.

Our DEI goals are focused on increasing the representation of women and racial minorities into more salaried and senior leadership positions.

We are working toward this goal by increasing hiring and focusing on development and promotions, as well as retention efforts.

In Europe, many of our employees were represented by unions, work councils or other labor organizations.

We rely on the specialized qualities and talents of our employees to help us meet our strategic priorities.

We have focused on attracting qualified candidates, the professional development of our employees, our promotion and compensation structure, and employee retention efforts.

We made significant progress in talent acquisition during 2024 despite a challenging labor market.

In the United States, 25% of new employee hires during 2023 identified as female and 43% identified as members of underrepresented ethnic groups.

People Objectives

We rely on the personal relationships and service provided by employees.

As such, we believe attracting, recruiting, developing, and retaining diverse talent is vital to our success.

We rely on the personal relationships and service provided by employees to support our business.

As such, we believe attracting, recruiting, developing, integrating and retaining talent is vital to our success.

The Company is focused on supporting our employees, and we consider the management of our talent to be essential to the ongoing success of our business.

Our Board and its Executive Compensation Committee and Employee & Public Responsibility Committee provide oversight of our human capital management strategy.

Our Board of Directors (the “Board”) and its Executive Compensation Committee and Employee & Public Responsibility Committee provide oversight of our human capital management strategy.

Health and Safety

We take the health and safety of our employees very seriously.

Protecting the health and safety of our employees is a priority, and we are committed to providing a safe and healthy working environment for all our associates.

Protecting the health and safety of our employees is a priority, and we are committed to providing a safe and healthy working environment for all our employees.

We use global and local incident data, along with a strong set of leading indicators, to create program and safety improvement action plans to reduce exposures that lead to at-risk situations.

Injury rates in 2023 were stable year over year, with a slight decrease in 2023 in overall injuries across the organization in all categories compared to 2022.

Injury rates in 2024 were generally stable year over year with decr eases observed in total injuries, high potential injuries and serious injuries compared to 2023.

We continue to focus on preventing serious and disabling injuries across the organization and have demonstrated progress in reducing exposure to high-risk hazards within the manufacturing operations.

Focused audit processes, detailed standards, executive leadership, and dedicated capital are focused on driving long-term exposure reductions, with a 97% completion rate on our annual safety improvement plans as of December 31, 2024.

Building on our efforts started in 2022 with a focus on leadership, a global initiative, Doing Safety Differently, was launched to further strengthen the culture around safety leadership and employee engagement.

This initiative included the rollout of an Operations Leadership Safety Playbook, establishing expectations on how to lead safety.

Additionally, a global training initiative for all employees was launched in late 2023 with the intent to equip employees with skills to identify and communicate about exposures in their workplace.

Our global Doing Safety Differently initiative focuses on further strengthening the culture around safety leadership and employee engagement.

In addition, our Making Decisions Differently initiative, which we started in October 2023, aims to enhance employees’ ability to make better safety decisions on the manufacturing floor.

This is the largest training initiative in the history of the company with over 12,000 employees starting the program in the past 15 months.

We expect this initiative to positively impact our safety, quality and productivity by increasing engagement using improved decision making techniques.

6 FORM 10-K SONOCO 2024 ANNUAL REPORT

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Members of our human resources department annually review benefits to ensure we can support the well-being of our employees and their families.

Diversity, Equity, and Inclusion

Our commitment to DEI starts with our goal of developing a workforce that is diverse in background, knowledge, skill and experience.

Sonoco engages in efforts aimed at hiring diverse talent, including initiatives focused on gender, gender identity, underrepresented ethnic groups, LGBTQ+ individuals, people with disabilities, veterans and others.

We have implemented policies and training focused on non-discrimination and harassment prevention.

We embrace DEI, which we believe fosters leadership through new ideas and perspectives.

In 2023, we continued the evolution of our DEI strategy and objectives, an ongoing business imperative.

In connection with its diversity initiatives, Sonoco periodically requests that its employees and Board members self-identify based on specified diversity categories.

As of December 31, 2023, approximately 25.0% of our total work force and 18.9% of our senior leaders identified as female, while approximately 34.5% of our total workforce and 13.3% of our senior leaders identified as a member of an underrepresented ethnic group.

From our global workforce, our employees were located in the following geographic region s as of December 31, 2023:

56% in North America;

17% in Europe;

18% in Latin America;

and 9% in the Asia-Pacific region.

For the past 12 years, Sonoco’s employees have expanded and improved our Global Diversity, Equity and Inclusion Council (the “DEI Council”), which is chaired by our President and CEO.

In 2022, the Company changed the name of the DEI Council, formerly the Global Diversity and Inclusion Council, to reflect the Company's increasing emphasis on driving equity as part of an inclusive employee environment.

An important part of our DEI efforts includes Sonoco’s Employee Resource Groups, which are groups of employees who support our DEI strategies by leveraging the unique perspectives of their members.

In 2023, the DEI Council expanded its formerly known “Week of Understanding” into a “Month of Understanding” due to employee interest and a desire for more ways to connect and educate employees.

This resulted in a 15% increase in participation across our global locations.

We have continued to build our Supplier Diversity Program since 2004, integrating diversity and inclusion into our procurement process by laying a strong foundation with key internal and external stakeholders.

We developed policies, practices, and procedures to ensure equal opportunity and enable access.

As part of Sonoco’s Supplier Diversity Program, supplier diversity progress is reported to the President and CEO, who in turn reports the progress to the Employee & Public Responsibility Committee of the Board.

Talent Development

Attracting, developing, and retaining talented employees is critical to our success and is an integral part of our human capital strategy.

We have created a Global Talent Acquisition and Organizational Development team to provide a more holistic approach to managing and enriching the employee lifecycle through continuous training and comprehensive succession planning.

Our focus continues to be on hiring, developing, and promoting talent based on a set of core competencies that drives high performance.

Attracting, developing, integrating, and retaining talented employees is critical to our success and is an integral part of our human capital strategy.

We have created a Global Talent Acquisition and Organizational Development team to provide a more holistic approach to managing the employee lifecycle through continuous training and comprehensive succession planning.

Our focus continues to be on hiring, developing, integrating and promoting talent based on a set of core competencies that drives high performance.

Our training and development efforts include SONOCO University, our internal learning platform that offers a wide array of in-person and online learning opportunities to build employee competencies.

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In addition, we conduct regular talent succession assessments along with individual performance reviews for salaried employees in which managers provide regular feedback and coaching to assist with the development of our employees, including the use of individual development plans to assist with individual career development.

We are also focused on pay equity and regularly review our compensation model to promote more fair and inclusive pay practices across our business.

We offer competitive benefits packages that we believe reflect the needs of our workforce.

We o ffer competitive benefits packages that we believe reflect the needs of our workforce.

In the United States, we provide medical, dental, and vision benefits, life and disability coverage, education reimbursement, and paid time off.

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Executive Officers

Howard Coker 61 Board member, President and Chief Executive Officer since 2020.

Howard Coker 62 Director, President and Chief Executive Officer since 2020.

Previously, Senior Vice President, Global Paper and Industrial Converted Products, 2019-2020;

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Haley, Chairman of Sonoco’s Board of Directors.

Dillard 49 Chief Financial Officer (“CFO”) since June 2022.

Previously, Chief Strategy Officer, April-June 2022;

Vice President, Corporate Development, 2018 - March 2022;

President of Personal Care Europe and Vice President of Strategy and Innovation at Domtar Personal Care, a division of Domtar Corporation, 2016-2018.

Cheatham 62 Interim Chief Financial Officer since January 2025 and Vice President Global Finance, Industrial Paper Packaging since 2022.

Previously, Staff Vice President of Finance, Industrial North America, 2019-2022;

Director of Finance - Global Tubes and Cores, 2015-2022.

Joined Sonoco in 1988.

Fuller 62 Chief Operating Officer since April 2022.

Fuller 63 Chief Operating Officer since 2022.

Previously, Executive Vice President, Global Industrial and Consumer, 2020-2022;

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Florence, Jr.

45 General Counsel, Secretary, Vice President and General Manager Converted Products North America since June 2022.

Previously, Vice President, General Counsel, Human Resources and Secretary, 2019-2022.

46 General Counsel, Secretary, and Vice President and General Manager, Industrial Paper Packaging, North America since 2025.

Previously, General Counsel, Secretary, Vice President and General Manager, Converted Paper Products, North America, 2022-2025;

Vice President, General Counsel, Human Resources and Secretary, 2019-2022.

Corporate Vice President, General Counsel and Secretary, 2016-2019.

Joined Sonoco in 2015.

Sean Cairns 53 President, Global Rigid Paper Packaging since April 2022.

Sean Cairns 54 President, Global Rigid Paper Packaging since 2022.

Previously, Vice President and General Manager, Rigid Paper Products Europe, 2008-2022.

Joined Sonoco in 2008.

Grissett 54 President, Global Flexibles Division since April 2022.

Previously, Vice President and General Manager Global Flexibles, 2019-2022;

Grissett 55 President, Global Flexibles and Thermoforming since 2024.

Previously, President, Global Flexibles Division, 2022-2023;

Vice President and General Manager, Global Flexibles, 2019-2022;

Vice President and General Manager, Global Protective Solutions, 2017-2019.

Joined Sonoco in 1993.

Harrell III 62 President, Global Industrial Paper Packaging since April 2022.

Harrell III 63 President, Global Industrial Paper Packaging Division since 2022.

Previously, Vice President, Industrial Americas, Asia and Conitex, 2020-2022;

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Joined Sonoco in 1985.

Haynes III 51 President, Metal Packaging since April 2022.

Haynes III 52 President, Sonoco Metal Packaging Division since 2022.

Previously, Vice President, Rigid Paper Containers, North America, 2021-2022;

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Joined Sonoco in 1997.

Tomaszewski 55 President, Diversified Businesses since April 2022.

Previously, Vice President, North America Consumer and Global Rigid Paper and Closures, 2020-2022;

Division Vice President and General Manager – Global Rigid Paper and Closures, Display and Packaging and Paperboard Specialties, 2019-2020;

Division Vice President and General Manager of Rigid Paper Containers, North America and Display and Packaging, 2018-2019;

Division Vice President, Rigid Paper Containers, North America, 2015-2018.

Joined Sonoco in 2002.

Weeks 56 Vice President, Investor Relations and Corporate Affairs, since April 2022.

Previously Senior Vice President, Head of Investor Relations and Chief Strategy Officer at Benchmark Electronics, Inc.

Vice President, Strategy and Investor Relations at Benchmark Electronics, Inc., 2012-2020.

50 Vice President, Global Human Resources since 2023.

Previously, Vice President, Global Operational Excellence, and Interim Head of Global IT, 2022-2023;

Vice President, Global Operational Excellence (Operations, Commercial, Automation & Maintenance), 2022;

Vice President, Global Talent, Operational and Commercial Excellence – HR Chief of Staff, 2021;

Senior Director, Global Organizational Development/Operational Excellence, 2020.

Joined Sonoco in 2006.

55 Vice President Global Paper Products-Europe since April 2022.

56 Vice President, Paper Products-Europe since 2022.

Previously, Vice President, Paper and Industrial Converted Products, EMEA, Australia and New Zealand, 2015-2022.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business