With the Russell 2000 recently hitting new highs, small-cap growth stocks have captured investors’ imaginations. But stodgy, well-capitalized income plays also offer attractive growth opportunities.

If you drink Deer Park bottled water or Maxwell House coffee, eat Pringles potato chips or use any number of bathroom tissue brands, you’ve encountered products manufactured by Sonoco Products (NYSE: SON). However, you’ve probably done so unknowingly because another company’s brand is front and center.  

As measured by market capitalization, Sonoco is the fifth-largest manufacturer of industrial and consumer packaging products. The company also provides packaging services.  Its broad product line includes foil and plastic bags for food products, trays for TV dinners and all manner of cardboard and plastic containers meant for both consumer and industrial use.

The firm’s revenue in the most recent quarter rose 19.5 percent $1.2 billion, driven largely by last year’s acquisition of APT Packaging, which specializes in microwavable and oven-safe food trays made from recycled PET plastic. Sonoco’s top line also benefited from recent price increases, though higher fuel costs ate into the firm’s operating margins by about 2 percent.

The firm’s margins, though squeezed, held up far better than those of its peers because most of Sonoco’s contracts include price escalators to offset input costs.  Additionally, Sonoco operates 48 recycling facilities that provide fiber to its paper mills, which ameliorates the effect of rising prices.

This trend continues in 2011, as US retailers—a bellwether for Sonoco—report stronger sales despite rising gasoline prices.  The company’s growing operations extend beyond US borders.  Sonoco has targeted a compound annual growth rate of 10.2 percent for its South American business and 10 percent growth in Asia.  The firm already operates a number of facilities in Eastern Europe, Mexico and Brazil.

This global reach sets the stage for strong organic growth. Sonoco is also widely expected to make a number of strategic acquisitions in the next two years, a shopping spree made possible by its solid balance sheet and extremely low debt.

Sonoco recently boosted its quarterly dividend to 29 cents per share from 28 cents, which brings its payout ratio up to 57 percent. This leaves the dividend well covered and with room to grow in upcoming quarters–even if one accounts for future acquisitions.

In another encouraging sign, company insiders have been net buyers of Sonoco shares over the past few years. Only one named executive has been a net seller of the company’s stock. Although insider buying isn’t proof positive that everything’s rosy, it suggests that those in the know have faith in the business.