UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 28, 2004
SONOCO PRODUCTS COMPANY
Commission File No. 0-516
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
Item 5. Other Information.
Completion of CorrFlex Acquisition
On April 29, 2004, Sonoco Products Company ("Sonoco" or "the Company") announced
that it had signed a definitive agreement to acquire CorrFlex Graphics, LLC
("CorrFlex"), which is one of the nation's largest point-of-purchase display
companies. On May 28, 2004, Sonoco completed the purchase of CorrFlex, a
privately held, unrelated third party, for an all-cash purchase price of
approximately $250 million. The acquisition, which will be known as Sonoco
CorrFlex, is expected to generate sales on an annualized basis of approximately
$200 million for 2004.
Segment Reporting
Sonoco has received comment letters from the staff of the SEC in connection with
its review of the Company's 2002 and 2003 annual reports on Form 10-K. In
management's opinion, the most notable comment is related to confirming the
appropriateness of disclosures about the Company's reportable segments in
accordance with Statement of Financial Accounting Standards No. 131,
`Disclosures about Segments of an Enterprise and Related Information'. The
Company is currently in the process of compiling additional information about
its segment reporting practices for review with the SEC, including the effects
of the CorrFlex acquisition on reportable segments. The Company currently
reports two segments. It is possible that Sonoco will provide financial
information regarding additional or different segments in the future or that
Sonoco may be required to restate segment disclosures in its previously filed
financial statements, but these changes in disclosures, if any, would not result
in any change in the Company's reported consolidated net income.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SONOCO PRODUCTS COMPANY
Date: June 16, 2004 By: /s/ C.J. Hupfer
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C.J. Hupfer
Vice President and Chief Financial Officer