Sonoco Products (NYSE:SON) Shares Acquired by Envestnet Asset Management Inc.

On August 25, 2021, Sonoco Products Corporation (NYSE: SON) announced that Envestnet Asset Management Inc., a leading provider of investment solutions for financial advisors and institutional investors, had acquired approximately 4.7 million shares of Sonoco Products' common stock at an average price of $59.30 per share. The total cost of the acquisition was approximately $261.8 million.

Sonoco Products is a global manufacturer of industrial products, including paper and packaging materials, chemicals, and fuel additives. The company operates in over 300 countries and has a diverse portfolio of businesses that serve various industries, including consumer goods, food and beverage, and transportation.

Envestnet Asset Management Inc. is a subsidiary of Envestnet, Inc., which provides investment solutions to financial advisors and institutional investors. The company manages over $1 trillion in assets under management (AUM) and offers a range of products and services, including mutual funds, exchange-traded funds (ETFs), and managed portfolios.

The acquisition of Sonoco Products' shares by Envestnet Asset Management Inc. is expected to provide the company with exposure to the growing demand for sustainable and eco-friendly products. Sonoco Products has a strong focus on sustainability, with initiatives such as its "Sustainable Forestry" program, which aims to promote responsible forest management practices and reduce the environmental impact of its operations.

Overall, this acquisition is expected to provide Envestnet Asset Management Inc. with additional diversification in its investment portfolio and exposure to the growing demand for sustainable products.