Sonoco Completes IBC Sale to Greif Bros.

Sonoco has completed the previously announced sale of the intermediate bulk container portion of its industrial containers business to Greif Bros. Corp. The company previously completed in March 1998 the sale of the fibre and plastic drums operations of its industrial containers business to Greif Bros. Total all-cash proceeds from the fully completed sale of the company's industrial containers business is approximately $218 million.

The gain associated with the industrial containers sale and the previously announced sale of its labels business is expected to offset a portion of the one-time charges announced in November related to reductions in administrative costs and plant closings during the fourth quarter of 1998.