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/ C O R R E C T I O N: SONOCO PRODUCTS COMPANY /

 In CH003, Sonoco Sells European Bag Making Operations, moved earlier today, we are advised by the company that the correct spelling of the acquiring company is British Polythene Industries, Plc. A corrected version follows:
 SONOCO SELLS EUROPEAN BAG MAKING OPERATIONS
 HARTSVILLE, S.C., March 8 /PRNewswire/ -- Sonoco Products Company (NASDAQ-NMS: SONO) today announced the sale of its plastic bag manufacturing operations in Telford, England, and Gadstrup, Denmark, to British Polythene Industries, Plc. of London. The sale was effective March 5.
 "There were a number of factors that prevented Sonoco from being as successful with plastic sacks in Europe as we have been in the United States. Since we did not see any prospects for quickly turning this situation around, we made the decision to exit the European sack businesses," said H.E. DeLoach, Jr., vice president - Sonoco Products Company. "We have determined that growing in Europe is not a critical success factor in the long-term growth of our high-density film products operation," added DeLoach.
 "British Polythene is currently the largest film producer in Europe and this acquisition should strengthen their position," said DeLoach.
 While Sonoco sold all the production equipment, it retains ownership of the buildings and has agreed to long-term leases of the facilities. British Polythene bought the Sonoco operations for approximately $12.5 million (US). "This was a fair price for these operations and represents more than the book value of these assets," said DeLoach. The terms of the sale were not disclosed.
 Sonoco is an international manufacturer of industrial and consumer packaging products with 1992 sales of $1.8 billion.
 -0- 3/8/93
 /CONTACT: Dick Puffer of Sonoco Products Company, 803-383-7425/
 (SONO)


CO: Sonoco Products Company; British Polythene Industries, Plc. ST: South Carolina IN: PAP SU: RLE

CM -- CH003A -- 8398 03/08/93 17:33 EST
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Publication:PR Newswire
Date:Mar 8, 1993
Words:300
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