Project Horizon

Sylvamo Generates Strong Operating Cash Flow, Returns $127 Million in Cash to Shareowners in 2023

Retrieved on: 
Thursday, February 15, 2024
Natural Resources, Manufacturing, Other Manufacturing, Packaging, Forest Products, Acquisition, SLVM, Free cash flow, Net, Share repurchase, Phase 10, Transport, Wood, Eucalyptus, Adjustment, Project Horizon, Commercial, GAAP, Consolidated, Depreciation, Video game

Last year, we invested $210 million to strengthen our low-cost assets and acquired a 500,000-ton uncoated freesheet mill in Nymolla, Sweden, for $167 million.

Key Points: 
  • Last year, we invested $210 million to strengthen our low-cost assets and acquired a 500,000-ton uncoated freesheet mill in Nymolla, Sweden, for $167 million.
  • In 2023, this mill generated strong cash flow, benefiting from the $40 million pulp mill modernization project completed just before the acquisition.
  • By the end of 2023, we exhausted our initial $150 million share repurchase program authorization and have approximately $150 million remaining on our September 2023 authorization.
  • We will continue to return substantial amounts of cash to shareowners and look for opportunities to repurchase shares at attractive prices.

Sylvamo Quarterly Results Higher Than Guidance, Cost Reduction Program Announced

Retrieved on: 
Thursday, November 9, 2023
Forest Products, Natural Resources, Consolidated, Adjustment, NYSE, Project Horizon, EBITDA, SLVM, Share repurchase, GAAP, Free cash flow, Transport, May 2022 Canadian derecho, Commercial, Depreciation, Net, Video game, Arms industry, Agriculture, Commercial property, Renewable energy, Bank

We took measures to maximize free cash flow, including selling and administrative cost reductions, shrinking working capital and adjusting the timing of capital spending.

Key Points: 
  • We took measures to maximize free cash flow, including selling and administrative cost reductions, shrinking working capital and adjusting the timing of capital spending.
  • In the third quarter, we also deposited $60 million in escrow to remove cash return limits in our credit agreement.
  • As of Nov. 9, we have returned $110 million this year and plan to return a total of $125 million in 2023.
  • In the spirit of continuous improvement, we initiated a cost reduction program called Project Horizon.

Sonoco Releases 2022 Corporate Responsibility Report Detailing Progress on ESG and Sustainability Initiatives

Retrieved on: 
Thursday, April 27, 2023
Science, Holdridge life zones, Corporate social responsibility, World Resources Institute, Sonoco, Workplace, Recognition, Woman, WRI, TCFD, Project Horizon, Task force, Sustainability accounting, Container, Acquisition, GRI, Gold, Sustainability Accounting Standards Board, Corporation, Geography, Growth, ESG, NYSE, Renewable energy, Recycling

HARTSIVLLE, S.C., April 27, 2023 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), a diversified global packaging company recognized for its leadership in sustainability, today released its 2022 Corporate Responsibility Report which highlights progress made in support of its environmental, social, and governance (ESG) initiatives.

Key Points: 
  • HARTSIVLLE, S.C., April 27, 2023 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), a diversified global packaging company recognized for its leadership in sustainability, today released its 2022 Corporate Responsibility Report which highlights progress made in support of its environmental, social, and governance (ESG) initiatives.
  • This report was prepared in reference to the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) Containers and Packaging 2018 Sustainability Accounting Standard.
  • “Our 2022 Corporate Responsibility Report reflects the progress we have made to date in support of our environmental, social, and governance programs.
  • We are excited about the progress we have made and look forward to continuing on this important journey through 2023 and beyond.”
    Download our 2022 Corporate Responsibility Report: Better Packaging.

STL deepens relationship with Vocus, provides Optical Networking solutions for Project Horizon in Australia

Retrieved on: 
Monday, October 10, 2022
Partnership, STL, Vocus Group, Program, Sterlite Technologies, CEO, NSE, Project Horizon, 3D printing, Communications satellite, Vocus

Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.

Key Points: 
  • Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.
  • This deal strengthens STL's relationship with Vocus, where STL previously provided its optical networking solutions, Opticonn for brownfield network build projects.
  • Project Horizon will see Vocus deploy the first competitive fibre backbone between Perth and Port Hedland, and is the first major infrastructure project under Vocus' $1 billion investment program.
  • Speaking on the agreement, Paul Atkinson, CEO, Optical Networking Business, STL, said, "We are excited to strengthen our partnership with Vocus.

STL deepens relationship with Vocus, provides Optical Networking solutions for Project Horizon in Australia

Retrieved on: 
Monday, October 10, 2022
Partnership, STL, Vocus Group, Program, Sterlite Technologies, CEO, NSE, Project Horizon, 3D printing, Communications satellite, Vocus

Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.

Key Points: 
  • Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.
  • This deal strengthens STL's relationship with Vocus, where STL previously provided its optical networking solutions, Opticonn for brownfield network build projects.
  • Project Horizon will see Vocus deploy the first competitive fibre backbone between Perth and Port Hedland, and is the first major infrastructure project under Vocus' $1 billion investment program.
  • Speaking on the agreement, Paul Atkinson, CEO, Optical Networking Business, STL, said, "We are excited to strengthen our partnership with Vocus.

STL deepens relationship with Vocus, provides Optical Networking solutions for Project Horizon in Australia

Retrieved on: 
Monday, October 10, 2022
Partnership, STL, Vocus Group, Program, Sterlite Technologies, CEO, NSE, Project Horizon, 3D printing, Communications satellite, Vocus

Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.

Key Points: 
  • Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.
  • This deal strengthens STL's relationship with Vocus, where STL previously provided its optical networking solutions, Opticonn for brownfield network build projects.
  • Project Horizon will see Vocus deploy the first competitive fibre backbone between Perth and Port Hedland, and is the first major infrastructure project under Vocus' $1 billion investment program.
  • Speaking on the agreement, Paul Atkinson, CEO, Optical Networking Business, STL, said, "We are excited to strengthen our partnership with Vocus.

STL deepens relationship with Vocus, provides Optical Networking solutions for Project Horizon in Australia

Retrieved on: 
Monday, October 10, 2022
Partnership, STL, Vocus Group, Program, Sterlite Technologies, CEO, NSE, Project Horizon, 3D printing, Communications satellite, Vocus

Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.

Key Points: 
  • Under the partnership, STL will provide high strength optical fibre cables for Vocus' inter capital network extension program.
  • This deal strengthens STL's relationship with Vocus, where STL previously provided its optical networking solutions, Opticonn for brownfield network build projects.
  • Project Horizon will see Vocus deploy the first competitive fibre backbone between Perth and Port Hedland, and is the first major infrastructure project under Vocus' $1 billion investment program.
  • Speaking on the agreement, Paul Atkinson, CEO, Optical Networking Business, STL, said, "We are excited to strengthen our partnership with Vocus.

Sonoco Launches New URB Machine as Part of Project Horizon

Retrieved on: 
Thursday, October 6, 2022
News, U.S. Securities and Exchange Commission, Transport, Electricity, Better Life, NYSE, Barron's, Security (finance), Goal, Company, Industry, Consumer, Fuller, GLOBE, URB, Form 10-K, Project Horizon, Recycling, Risk management

HARTSVILLE, S.C. , Oct. 06, 2022 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), one of the largest sustainable global packaging companies, today announced that the new uncoated recycled paperboard (URB) #10 machine is operational as part of its previously announced Project Horizon—the $125 million investment to transform its former corrugated medium machine in Hartsville, S.C to a state-of-the-art URB operation.

Key Points: 
  • Project Horizon was initiated, in part, to ensure the long-term viability and sustainability of Sonocos 100-year-old Hartsville Mill Complex, at which the Company produces almost one-third of its U.S. and Canadian URB.
  • We congratulate and thank the entire Sonoco team and our valuable suppliers for their efforts to execute this successful project.
  • Such forward-looking statements are based on current expectations, estimates and projections about Sonoco, the industry and certain assumptions made by management.
  • Sonoco undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

Sonoco Releases 2021-22 Corporate Sustainability Report, Renews 2030 Commitments

Retrieved on: 
Wednesday, August 3, 2022
Environment, NYSE, Female, Goal, Science, Water, GLOBE, Project Horizon, Packaging and labeling, Corporation, Paris Agreement, Inclusion, Recycling, Company, URB, Better Life, Targets, Acquisition, Electricity, Climate bond, Renewable energy

HARTSVLLE, S.C., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), one of the largest diversified global packaging companies, today released its 2021-22 Corporate Responsibility Report, renewing ambitious 2030 commitments to reduce greenhouse gas emissions and energy usage.

Key Points: 
  • HARTSVLLE, S.C., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), one of the largest diversified global packaging companies, today released its 2021-22 Corporate Responsibility Report, renewing ambitious 2030 commitments to reduce greenhouse gas emissions and energy usage.
  • Beyond performance metrics, Sonoco further increased packaging sustainability and recycling with the $1.35 million acquisition of Ball Metalpack in January 2022.
  • This expanded Sonocos can-making franchise and sustainable product portfolio with the addition of tinplate steel packaging the worlds most recycled substrate.
  • Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support our corporate purpose of Better Packaging.