Sonoco and university officials announced the gift, the largest single corporate cash gift to establish an endowed fund at the University of South Carolina on Tuesday, October 12, at a ceremony on USC's historic Horseshoe (see second photo on right).

The Moore School will name the department in honor of Sonoco, which is headquartered in Hartsville, South Carolina, and is one of the world's leading packaging companies.

USC President Andrew Sorensen thanked Sonoco officials for their generosity and said the association would solidify the Moore School's reputation in international business at home and abroad.

"Long before I came to Carolina, I was aware of the Moore School's international-business program and its record of excellence in research and teaching," Sorensen said. "Now, being associated with the Sonoco name not only will raise the international business department's profile internationally, but also broaden and deepen international business programs in teaching, research and outreach."

The $3 million, permanent endowment will be used to attract and retain top faculty, increase research, raise the international reputation of the department in academic and business circles and enhance opportunities and experiences for international-business students.

Harris E. DeLoach, CEO of Sonoco and an alumnus of the Moore School and USC's law school, said the gift will strengthen the partnership between USC and Sonoco and benefit both entities through increased research and programs.

"I am proud to announce Sonoco's gift to the country's premier international-business program," DeLoach said. "It's a logical partnership. We're an international corporation operating in the Carolinas, and the Moore School has the top international-business program. Sonoco is honored to be associated with this outstanding institution, and we look forward to forging an even stronger partnership that will benefit Carolina, Sonoco and the citizens of this state."

The gift agreement calls for Sonoco and the Sonoco international-business department to work together more closely by increasing student internships, sharing research, establishing a guest lecturer series, and expanding executive education programs.

Joel Smith, dean of the Moore School, said the gift is a testament to the strong relationship that the school has built with its corporate partners and adds momentum to its ongoing fund-raising efforts.

"We are poised to launch a major effort to renovate the Moore School facilities and to reinvest in the programs that make our business school so well known and so respected in the world," Smith said. "This announcement is a testament to the strength of our relationships with our corporate partners and a dramatic demonstration of the faith placed in the future success of the Moore School of Business at Carolina."

Sonoco's $3 million gift is its second major gift to the Moore School. In 1999, Sonoco gave $1 million to establish the Sonoco Distinguished Visiting Professorship in International Business, which will bring CEOs to the Moore School to teach for a semester. The department of international business provides primary support for the undergraduate and master's international-business programs -- ranked first and second, respectively, according to U.S. News & World Report's annual surveys -- as well as doctoral programs. The school has 394 undergraduate and graduate students enrolled in international business.

Sonoco (NYSE: SON), founded in 1899, is a $2.8 billion manufacturer of industrial and consumer packaging products and provider of packaging services, with more than 300 locations in 36 countries, serving customers in some 85 nations.

About Sonoco:

Sonoco (NYSE: SON), founded in 1899 and headquartered in Hartsville, is a $2.8 billion manufacturer of industrial and consumer packaging products and provider of packaging services. Sonoco has more than 300 locations in 36 countries, serving customers in some 85 nations. Sonoco's consumer packaging portfolio is one of the industry's most comprehensive, which, when combined with its wide range of packaging services, gives the company a unique ability to take customers from initial concept to consumer. Sonoco is the world's largest producer of composite cans and engineered carriers.

Sonoco's culture is based on the belief that 'People Build Businesses.' Sonoco values people, celebrates challenge, rewards success and actively pursues a diverse workforce.

Sonoco was one of the first environmentally sensitive companies in the world and has been a leader in recycling since 1920. The Company lives by the three R's -- recycle, reduce and reuse. Sonoco uses recycled materials whenever possible and designs many of its products to include recovered paper. One of the world's largest consumers of recovered paper, Sonoco collects approximately 3 million tons annually by partnering with governments, customers and municipalities globally to implement effective environmental strategies. Nearly all of Sonoco's paper products rely on recovered paper as the primary raw material. The company also continually re-examines its manufacturing processes to eliminate needless waste and reduce energy consumption.

Sonoco has a deep and continuing commitment to the communities where it operates. Sonoco invests approximately 1 percent of the company's consolidated pretax income in education, health and welfare, the arts and the environment in communities where it has manufacturing or sales locations.

In 2003, Sonoco made education a top priority on its social responsibility agenda. In addition to providing needed supplies and volunteer time to every public school in its hometown as it has for years, the company worked with the Darlington County School System to launch a mentoring program in which about 30 Sonoco employees volunteer as mentors in Hartsville's public elementary schools during business hours. Sonoco is also a major supporter of the Junior Achievement program in the school system and supports the Darlington County Library System.

Business Ethics magazine named Sonoco one of the country's "100 Best Corporate Citizens" 1999-2004, and Fortune magazine has recognized Sonoco as one of "America's Most Admired Companies" for the past two years.

Moore School of Business, University of South Carolina: