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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.
20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER 0-516
SONOCO PRODUCTS COMPANY
INCORPORATED UNDER THE LAWS I.R.S. EMPLOYER IDENTIFICATION
OF SOUTH CAROLINA NO. 57-0248420
ONE NORTH SECOND STREET
POST OFFICE BOX 160
HARTSVILLE, SOUTH CAROLINA 29551-0160
TELEPHONE: 843-383-7000
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Title of each class Name of exchange on which registered
------------------- ------------------------------------
No par value common stock New York Stock Exchange, Inc.
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days.
Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The aggregate market value of voting common stock held by nonaffiliates of the
registrant (based on the New York Stock Exchange closing price) on March 3,
2002, was $2,486,491,459. Registrant does not have any non-voting common stock
outstanding.
As of March 3, 2002, there were 95,964,277 shares of no par value common stock
outstanding.
Documents Incorporated by Reference
Portions of the Annual Report to Shareholders for the fiscal year ended
December 31, 2001, are incorporated by reference in Parts I and II;
portions of the Proxy Statement for the annual meeting of shareholders
to be held on April 17, 2002, are incorporated by reference in Part
III.
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K includes and incorporates by reference
"forward-looking statements" within the meaning of the securities laws. All
statements that are not historical facts are "forward-looking statements." The
words "estimate," "project," "intend," "expect," "believe," "anticipate" and
similar expressions identify forward-looking statements. Forward-looking
statements include, but are not limited to, statements regarding offsetting high
raw material costs, adequacy of income tax provisions, refinancing of debt,
adequacy of cash flows, effects of acquisitions and dispositions, and financial
strategies and the results expected from them.
These forward-looking statements are based on current expectations, estimates
and projections about our industry, management's beliefs, and assumptions made
by management. Such information includes, without limitation, discussions as to
estimates, expectations, beliefs, plans, strategies, and objectives concerning
our future financial and operating performance. These statements are not
guarantees of future performance and are subject to risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual results may differ
materially from those expressed or forecasted in such forward-looking
statements. The risks and uncertainties include without limitation: availability
and pricing of raw materials; success of new product development and
introduction; ability to maintain or increase productivity levels;
international, national and local economic and market conditions; ability to
maintain market share; pricing pressures and demand for products; continued
strength of our paperboard-based engineered carrier and composite can
operations; anticipated results of restructuring activities; ability to
successfully integrate newly acquired businesses into our operations; currency
stability and the rate of growth in foreign markets; actions of government
agencies; and loss of consumer confidence and economic disruptions resulting
from terrorist activities.
We undertake no obligation to publicly update or revise forward-looking
statements, whether as a result of new information, future events or otherwise.
In light of these risks, uncertainties, and assumptions, the forward-looking
events discussed in this Annual Report on Form 10-K might not occur.
PART I
ITEM 1 BUSINESS
(a) GENERAL DEVELOPMENT OF BUSINESS - The Company is a South
Carolina corporation founded in Hartsville, South Carolina in
1899 as the Southern Novelty Company. The name was
subsequently changed to Sonoco Products Company (the Company
or "Sonoco"). Sonoco is a manufacturer of industrial and
consumer packaging products and provider of packaging
services, with approximately 300 locations in 32 countries,
serving customers in some 85 nations.
Acquisitions/dispositions/joint venture - Notes 2 and 3 to the
Consolidated Financial Statements on pages 40 and 41 of the
2001 Annual Report to Shareholders (the "2001 Annual Report")
is incorporated herein by reference.
(b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS - Note 17 to the
Consolidated Financial Statements on page 49 of the 2001
Annual Report is incorporated herein by reference.
(c) NARRATIVE DESCRIPTION OF BUSINESS -
Industrial Packaging Segment
The Industrial Packaging segment, which represented 50% of the
Company's sales in 2001, includes the following products:
high-performance paper, plastic and composite engineered
carriers; paperboard; wood, metal and composite reels for wire
and cable packaging; fiber-based construction tubes and forms;
custom designed protective packaging; and supply chain
management capabilities. Sonoco's engineered carriers (tubes
and cores), along with the Company's integrated paper
operations is the largest revenue-producing business in the
Company. Sonoco is a market leader in engineered
- 2 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
PART I (CONTINUED)
carriers, serving such markets as paper, textiles, film, tape
and metals from 115 converting facilities on five continents.
Sonoco's paper operations provide the primary raw material for
the Company's fiber-based packaging, including engineered
carriers, composite cans and protective packaging. This
vertical integration strategy is backed by 31 paper mills with
43 machines in 13 countries. In 2001, Sonoco's paper
manufacturing capacity was 2 million tons.
Sonoco's molded and extruded plastics operations supply
customers in the textile, fiber optics, wire and cable,
automotive, plumbing, filtration, food services, medical and
healthcare markets.
The Company is a leading producer of wood, composite and metal
reels for the United States wire and cable industry.
Historically, Sonoco's protective packaging business has
served the white goods industry (washers, dryers, ranges,
etc.) with custom designed paper-based corner posts and
plastic bases. New developments in this business include
packaging that allows the product inside the packaging to be
seen from the outside, helping in warehouse identification and
observation of any damage before delivery.
Consumer Packaging Segment
The Consumer Packaging segment, which represented 50% of the
Company's sales in 2001, includes the following products and
services: round and shaped composite cans, printed flexible
packaging, metal and plastic ends and closures, high density
film products, specialty packaging and packaging services.
Sonoco's composite can business is the Company's second
largest revenue-producing business, surpassed only by the
engineered carriers/paper operations, with 32 can plants, 8
can/metal end plants, 5 metal end plants, and 3 plastic plants
throughout the world. The composite can operation serves such
markets as snacks, confectionery, frozen concentrate,
adhesives, and automotive.
Flexible packaging is one of Sonoco's newer businesses serving
such markets as beverage, coffee, confectionery, home and
personal care, and snacks. This business continues to grow,
with new contracts in the confectionery market, utilizing
rotogravure and flexographic printing capabilities.
The Company's packaging services business doubled its sales in
2001 over 2000 by expanding existing business and securing new
contracts. In late 2000, Sonoco received a five-year contract
covering its management of The Gillette Company's packaging
supply chain razor and blade packaging center in North America
and Europe. Also, in 2001 the Company began managing the
Hewlett-Packard Company's Americas Product Completion Center
in Chester, VA. This facility packages Hewlett-Packard's
inkjet printer products.
Sonoco's high density film business is a leading producer of
plastic grocery bags in the United States and offers an array
of retail, convenience store, fast food and easy-open produce
bags. The Company also produces agricultural mulch film used
for growth enhancement of high value crops.
Sonoco is a market leader in supplying paper coasters and
glass covers to the North American hospitality, restaurant and
healthcare industries. The Company produces folding cartons
from one plant location, primarily serving health, beauty and
personal care customers as part of the Company's supply chain
management strategy. Sonoco Trident, with operations based in
the United Kingdom and the United States, provides a branded
artwork and reprographics management service to help customers
protect brand integrity in their packaging.
- 3 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
PART I (CONTINUED)
Raw Materials -The principal raw materials used by the Company
are recovered paper, paperboard, metal, and plastic resins.
Recovered paper used in the manufacture of paperboard is
purchased either directly from suppliers near manufacturing
operations or through the Company's subsidiary, Paper Stock
Dealers, Inc. Other raw materials are purchased from a number
of outside sources. The Company considers the supply and
availability of raw materials to be adequate to meet its
needs.
Patents, Trademarks, and Related Contracts - Most inventions
are made by members of Sonoco's research and engineering staff
and have been, and continue to be, important to the Company's
growth. Patents have been granted on many of these inventions
in the United States and other countries. These patents are
being globally managed by a Sonoco intellectual asset
management team. Some of these patents have been licensed to
other manufacturers including Sonoco's associated companies. A
few patents are also licensed-in from outside companies for
Sonoco's business unit use. U.S. patents expire after 17 or 20
years depending on issue date. New patents replace many of the
abandoned or expired patents. Sonoco also manages the
abandonment of patents that no longer present value to its
business. Most of Sonoco's products are marketed worldwide
under trademarks such as the name SONOCO(R). Subsidiaries and
divisions of Sonoco frequently use their own trademarks such
as SONOTUBE(R), QUIKMATE(R), HELPMATE(R), SAFE-TOP(R), SEALED
SAFE(R), DURO(R) and DUROX(R).
Seasonality - None of the Company's segments are seasonal to
any significant degree.
Dependence on Customers - None of the Company's segments
relied upon one single customer or a few customers, the loss
of any one or more of which would have a material adverse
effect on the segment. In 2001, on an aggregate basis, the
five largest customers in the Industrial Packaging segment
accounted for approximately 9% of segment sales and the five
largest customers in the Consumer Packaging segment accounted
for approximately 25% of segment sales. There are many
different product lines represented by sales to these
customers. In addition, no one customer represents 10% of the
consolidated revenue of the Company and the loss of any
customer would not have a material adverse effect.
Backlog - Most customer orders are manufactured with a lead
time of three weeks or less. Therefore, the amount of backlog
orders at December 31, 2001 and 2000 were not material. The
Company expects all backlog orders at December 31, 2001 to be
shipped during 2002.
Competition - The Company's products are sold in highly
competitive market environments which include paper, textiles,
films, food, motor oil, chemicals, pharmaceuticals, packaging,
oil, construction, and wire and cables. Within each of these
markets, supply and demand are the major factors controlling
the market environment. Additionally, and to a lesser degree,
these markets are influenced by the overall rate of economic
activity. Throughout the year, the Company remained highly
competitive within each of the markets served. The Company
manufactures and sells many of its products globally. Having
operated internationally since 1923, the Company considers its
ability to serve its customers worldwide in a timely,
consistent and cost-effective manner a competitive advantage.
The Company also believes its technological leadership,
reputation for quality, and vertical integration have enabled
it to coordinate its product development and global expansion
with the rapidly changing needs of its major customers, who
demand high-quality, state-of-the-art, environmentally
compatible packaging. In addition, the Company is focusing on
productivity improvements with the objective of being the
low-cost producer in value-added niches of the packaging
market. The Company has several productivity initiatives
underway, aimed at continuing to reduce costs and improve
processes using the latest in information technology.
- 4 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
PART I (CONTINUED)
Research and Development - Total company-sponsored research
and development costs were $14 million in 2001 and 2000 and
$12 million in 1999. Customer-sponsored research and
development costs were not material for each of these periods.
Significant projects in Sonoco's Industrial Packaging segment
included efforts designed to enhance performance
characteristics of the Company's engineered carriers in the
textile, film, and paper packaging areas, as well as projects
aimed at productivity enhancements. The Consumer Packaging
segment continued to invest in new materials technology and
new process technology for a range of packaging options,
including composite cans and other forms of shaped packaging.
Compliance with Environmental Laws - Note 14 to the
Consolidated Financial Statements on pages 47-48 of the 2001
Annual Report is incorporated herein by reference.
Number of Employees - As of December 31, 2001, the Company had
approximately 17,900 employees.
(d) FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS -
Note 17 to the Consolidated Financial Statements on page 49 of
the 2001 Annual Report and the information about market risk
under the caption "Risk Management" on pages 30-31 of the 2001
Annual Report are incorporated herein by reference.
(e) EXECUTIVE OFFICERS OF THE REGISTRANT - The executive officers
of the Company are: Harris E. DeLoach, Jr., Jim C. Bowen,
Allan V. Cecil, Cynthia A. Hartley, Ronald E. Holley, Harry J.
Moran, Eddie L. Smith, Charles L. Sullivan, Jr., Bernard W.
Campbell, Larry O. Gantt, Charles J. Hupfer, Kevin P. Mahoney,
Charles F. Paterno, J.C. Rhodes, and M. Jack Sanders.
Information about the ages, positions and offices held with
Sonoco, terms of office, and business experience for the past
five years of each of such executive officers is set forth in
the 2001 Annual Report on pages 54 and 55 under the captions
"Executive Committee - Officers" and "Officers", and is
incorporated herein by reference.
Charles L. Sullivan, Jr., Sr. Vice President-Global Consumer
Products, was previously Regional Director for Cargill
Asia/Pacific in 2000 and President of Cargill's Salt Division
from 1995-2000.
ITEM 2 PROPERTIES - The Company's main plant and corporate offices are owned
and operated in Hartsville, South Carolina. There are 130 owned and 119
leased facilities used by operations in the Industrial Packaging
Segment and 34 owned and 34 leased facilities used by operations in the
Consumer Packaging segment. Europe, the largest foreign geographic
location, has 41 manufacturing locations.
ITEM 3 LEGAL PROCEEDINGS - Note 14 to the Consolidated Financial Statements on
pages 47 - 48 of the 2001 Annual Report is incorporated herein by
reference.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - None.
PART II
ITEM 5 MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS - The information relating to market price and cash dividends
under Selected Quarterly Financial Data on page 24 of the 2001 Annual
Report is incorporated herein by reference. The Company's common stock
is traded on the New York Stock Exchange under the stock symbol "SON".
At December 31, 2001, there were approximately 43,000 shareholder
accounts.
- 5 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
PART II (CONTINUED)
ITEM 6 SELECTED FINANCIAL DATA - The Selected Eleven-Year Financial Data
provided on pages 50 - 51 of the 2001 Annual Report are incorporated
herein by reference.
ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS - Management's Discussion & Analysis of Operations and
Financial Condition on pages 25 - 35 of the 2001 Annual Report is
incorporated herein by reference.
ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK - The
information set forth under the caption "Risk Management" on pages 30
-31 of Management's Discussion & Analysis of Operations and Financial
Condition of the 2001 Annual Report is incorporated herein by
reference.
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - The following items
provided in the 2001 Annual Report are incorporated herein by
reference: the Selected Quarterly Financial Data on page 24; the
Consolidated Financial Statements and Notes to the Consolidated
Financial Statements on pages 36 - 49; and the Report of Independent
Accountants on page 52.
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE - None.
PART III
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT - The sections
entitled "Election of Directors" and "Section 16(a) Beneficial
Ownership Reporting Compliance" as shown on pages 5 - 10 and page 30,
respectively, of the Company's definitive Proxy Statement, set forth
information with respect to the directors of the Company and compliance
with Section 16(a) of the Securities Exchange Act of 1934 and are
incorporated herein by reference. Information about executive officers
of the Company is set forth under Item 1(e) of this Report on Form
10-K.
ITEM 11 EXECUTIVE COMPENSATION - Information with respect to the compensation
of directors and certain executive officers as shown on pages 22 - 28
of the Company's definitive Proxy Statement under the captions "Summary
Compensation Table", "Long-Term Incentive Plans - Awards in Last Fiscal
Year", "Option Exercises in Last Fiscal Year and Fiscal Year-End Option
Values", "Option Grants in Last Fiscal Year", "Pension Table",
"Directors' Compensation", and "Compensation Committee Interlocks and
Insider Participation", is incorporated herein by reference.
ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT -
Information with respect to the beneficial ownership of the Company's
Common Stock by management and others as shown on pages 14 - 16 of the
Company's definitive Proxy Statement under the captions "Security
Ownership of Certain Beneficial Owners" and "Security Ownership of
Management" is incorporated herein by reference.
ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS - The following items
contained in the Company's definitive Proxy Statement are incorporated
herein by reference: the sections titled "Compensation Committee
Interlocks and Insider Participation" on pages 27-28; and "Transactions
with Management" on pages 28 - 29.
- 6 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
PART IV
ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1. Financial Statements: Consolidated Balance Sheets as of December 31,
2001 and 2000; Consolidated Statements of Income for the years ended
December 31, 2001, 2000 and 1999; Consolidated Statements of Changes
in Shareholders' Equity for the years ended December 31, 2001, 2000
and 1999; and Consolidated Statements of Cash Flows for the years
ended December 31, 2001, 2000 and 1999.
2. Financial Statement Schedules:
Report of Independent Accountants on Financial Statement Schedule
for each of the three years in the period ended December 31, 2001.
Schedule II - Valuation and Qualifying Accounts
All other schedules are omitted because they are not required, are
not applicable or the required information is given in the financial
statements or notes thereto.
3. Exhibits
3-1 Articles of Incorporation (incorporated by reference to the
Registrant's Form 10-Q for the quarter ended June 27, 1999)
3-2 By-Laws (incorporated by reference to the Registrant's
Form 10-Q for the quarter ended June 27, 1999)
4 Instruments Defining the Rights of Securities Holders,
including Indentures (incorporated by reference to the
Registrant's Forms S-3 (File Numbers 33-40538, 33-50501, and
33-50503))
10-1 1983 Sonoco Products Company Key Employee Stock Option Plan
(incorporated by reference to the Registrant's Form S-8 dated
September 4, 1985)
10-2 1991 Sonoco Products Company Key Employee Stock Plan
(incorporated by reference to the Registrant's Form S-8 dated
June 7, 1995)
10-3 Sonoco Products Company 1996 Non-Employee Directors' Stock
Plan (incorporated by reference to the Registrant's Form S-8
dated September 25, 1996)
10-4 Sonoco Products Company Employee Savings and Stock Ownership
Plan (incorporated by reference to the Registrant's Form S-8
dated November 27, 1989)
10-5 Sonoco Products Company Centennial Shares Plan (incorporated
by reference to the Registrant's Form S-8 dated December 30,
1998)
10-6 Agreement and Mutual Release between Registrant and Peter C.
Browning, dated July 21, 2000 (incorporated by reference to
the Registrant's Form 10-Q for the quarter ended October 1,
2000)
10-7 Credit Agreement, dated as of July 17, 2001, among Sonoco
Products Company, the several lenders from time to time party
thereto and Bank of America, N.A., as agent (incorporated by
reference to Registrant's Form S-3, commission file no.
333-69388)
10-8 Separation Agreement between Registrant and F. Trent Hill,
Jr., dated March 12, 2002
13 2001 Annual Report to Shareholders (portions incorporated by
reference)
21 Subsidiaries of the Registrant
23 Consent of Independent Accountants
- 7 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
PART IV (CONTINUED)
99-1 Proxy Statement, filed in conjunction with annual
shareholders' meeting scheduled for April 17, 2002 (previously
filed)
99-2 Form 11-K Annual Report - 1991 Sonoco Products Company Key
Employee Stock Option Plan
(b) Reports on Form 8-K: Form 8-K filed October 30, 2001, relating to Item
5 of that form with respect to other events.
- 8 -
REPORT OF INDEPENDENT ACCOUNTANTS ON FINANCIAL STATEMENT SCHEDULE
To the Shareholders and Directors of
Sonoco Products Company
Our audits of the consolidated financial statements referred to in our report
dated January 31, 2002 appearing in the 2001 Annual Report to Shareholders of
Sonoco Products Company (which report and consolidated financial statements are
incorporated by reference in this Annual Report on Form 10-K) also included an
audit of the financial statement schedule listed in Item 14(a)(2) of this Form
10-K. In our opinion, this financial statement schedule presents fairly, in all
material respects, the information set forth therein when read in conjunction
with the related consolidated financial statements.
/s/ PricewaterhouseCoopers LLP
------------------------------
PricewaterhouseCoopers LLP
Charlotte, North Carolina
January 31, 2002
- 9 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED 2001, 2000, AND 1999
(DOLLARS IN THOUSANDS)
Column A Column B Column C Column D Column E
- ----------- ------------ ---------- ---------- ----------
Balance at Charged to Balance at
Beginning of Costs and end of
Description Year Expenses Deductions Year
- ----------- ------------ ---------- ---------- ----------
2001
Allowance for Doubtful
Accounts $ 5,714 $ 7,709 $ 6,129(1) $ 7,294
LIFO Reserve $ 9,447 $ 1,372 $ 467(2) $10,352
Valuation Allowance on
Deferred Tax Assets $25,530 $ 3,803(3) $21,727
2000
Allowance for Doubtful
Accounts $ 6,969 $ 5,604 $ 6,859(1) $ 5,714
LIFO Reserve $ 9,994 $ 547(2) $ 9,447
Valuation Allowance on
Deferred Tax Assets $27,937 $ 2,407(3) $25,530
1999
Allowance for Doubtful
Accounts $ 5,420 $ 5,902 $ 4,353(1) $ 6,969
LIFO Reserve $11,078 $ 3,359 $ 4,443(2) $ 9,994
Valuation Allowance on
Deferred Tax Assets $45,174 $17,237(3) $27,937
(1) Includes amounts written off and translation adjustments.
(2) Includes adjustments based on pricing and inventory levels.
(3) Includes foreign net operating loss utilization in 2001 and 2000. 1999
includes capital loss reclassifications and foreign net operating loss
utilization.
- 10 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized, on this 28th day of
March 2002.
SONOCO PRODUCTS COMPANY
/s/ Harris E. DeLoach, Jr.
--------------------------------------------
Harris E. DeLoach, Jr.
President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report is signed below by the following persons on behalf of the Registrant
and in the capacities indicated on this 28th day of March 2002.
/s/ C. J. Hupfer
--------------------------------------------
C. J. Hupfer
Vice President, Treasurer, Corporate
Secretary and Chief Financial Officer
- 11 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
SIGNATURES, CONTINUED
/s/ C. W. Coker Director (Chairman)
- ------------------------------------
C. W. Coker
/s/ H. E. DeLoach, Jr. President, Chief Executive Officer
- ------------------------------------ and Director
H. E. DeLoach, Jr.
/s/ C. J. Bradshaw Director
- ------------------------------------
C. J. Bradshaw
/s/ R. J. Brown Director
- ------------------------------------
R. J. Brown
/s/ F. L. H. Coker Director
- ------------------------------------
F. L. H. Coker
/s/ J. L. Coker Director
- ------------------------------------
J. L. Coker
/s/ T. C. Coxe, III Director
- ------------------------------------
T. C. Coxe, III
/s/ A. T. Dickson Director
- ------------------------------------
A. T. Dickson
/s/ C. C. Fort Director
- ------------------------------------
C. C. Fort
/s/ P. Fulton Director
- ------------------------------------
P. Fulton
/s/ B. L. M. Kasriel Director
- ------------------------------------
B. L. M. Kasriel
/s/ E. H. Lawton, III Director
- ------------------------------------
E. H. Lawton, Jr.
/s/ H. L. McColl, Jr. Director
- ------------------------------------
H. L. McColl, Jr.
/s/ T. E. Whiddon Director
- ------------------------------------
T. E. Whiddon
/s/ D. D. Young Director
- ------------------------------------
D. D. Young
- 12 -
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
EXHIBIT INDEX
Exhibit
Number Description
- ------ -----------
3-1 Articles of Incorporation (incorporated by reference to the
Registrant's Form 10-Q for the quarter ended June 27, 1999)
3-2 By-Laws (incorporated by reference to the Registrant's Form 10-Q for
the quarter ended June 27, 1999)
4 Instruments Defining the Rights of Securities Holders, including
Indentures (incorporated by reference to the Registrant's Forms S-3
(File Numbers 33-40538, 33-50501, and 33-50503))
10-1 1983 Sonoco Products Company Key Employee Stock Option Plan
(incorporated by reference to the Registrant's Form S-8 dated
September 4, 1985)
10-2 1991 Sonoco Products Company Key Employee Stock Plan (incorporated
by reference to the Registrant's Form S-8 dated June 7, 1995)
10-3 Sonoco Products Company 1996 Non-Employee Directors' Stock Plan
(incorporated by reference to the Registrant's Form S-8 dated
September 25, 1996)
10-4 Sonoco Products Company Employee Savings and Stock Ownership Plan
(incorporated by reference to the Registrant's Form S-8 dated
November 27, 1989)
10-5 Sonoco Products Company Centennial Shares Plan (incorporated by
reference to the Registrant's Form S-8 dated December 30, 1998)
10-6 Agreement and Mutual Release between Registrant and Peter C.
Browning, dated July 21, 2000 (incorporated by reference to the
Registrant's Form 10-Q for the quarter ended October 1, 2000)
10-7 Credit Agreement, dated as of July 17, 2001, among Sonoco Products
Company, the several lenders from time to time party thereto and
Bank of America, N.A., as agent (incorporated by reference to
Registrant's Form S-3, commission file no. 333-69388)
10-8 Separation Agreement between Registrant and F. Trent Hill, Jr.,
dated March 12, 2002
13 2001 Annual Report to Shareholders (portions incorporated by
reference)
21 Subsidiaries of the Registrant
23 Consent of Independent Accountants
99-1 Proxy Statement, filed in conjunction with annual shareholders'
meeting scheduled for April 18, 2002 (previously filed)
99-2 Form 11-K Annual Report - 1991 Sonoco Products Company Key Employee
Stock Option Plan
- 13 -