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Sonoco Products Co. Message Board

  • tmcg1367 tmcg1367 Mar 11, 2008 12:15 PM Flag

    Moody downgrade

    I am disappointed that Moody has placed SON on a downgrade review and the company has nothing to say.

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    • This is part of the "gag order" that I have referred to over and over. There is a complete failure to keep the shareholder informed. There has been no comment on why Sonoco stock has dropped 33 1/2% since last shareholder meeting. All the shareholder hears is "another record year". Maybe they are referring to a record stock decline in one year!! They have painted themselves into a corner. With a downgrade in credit rating by Moodys, they cannot afford to use cash to buy back stock to prop it up. Also, I really don't think the board is aware that Sonoco has a problem. WE need some "NO VOTES". Please explain why did they just elect a 65 year old to the board. In less than 5 years he will have mandatory retirement at age 70. It will take him several years to figure out what is going on!! I am sure across America there are equally qualified people that are much younger. Why didn't the shareholders have a voice? They morale of the shareholder is lowest that it has been in years. Maybe an extra roll of 3-M duct tape will be in the "goodie bag" to propel the "gag order". Oh and by the way, Sonoco traded at a new annual low yesterday. Have a "Good Friday"!!

    • I'm not quite sure what to say myself. Not surprised, just speechless.

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