Sealed Air Corporation (NYSE: SEE) announced today price increases ranging from 4 – 9% for most products in the Company’s Food Care and Product Care divisions in North America. The actions taken today are the direct result of recent significant price increases announced last month by major petrochemical suppliers in the North American market, including most recently an increase on polyethylene (PE), a major raw material for the packaging industry, retroactive to September 1. On a cumulative basis since last December, the PE suppliers have increased prices 16%, despite low ethane costs but tightening PE capacity utilizations. Sealed Air’s price increases will be effective as of November 1 at the latest, or as allowed by existing contracts.
Jerome A. Peribere, Sealed Air President and CEO commented that “the Company is seeking to minimize the cost increases and their impact on our customers; however, we need to offset them through a responsible price policy that enables us to continue to invest in service and innovation and serve our customers long term.”
Sealed Air is a global leader in food safety and security, facility hygiene and product protection. With widely recognized and inventive brands such as Bubble Wrap® brand cushioning, Cryovac® brand food packaging solutions and DiverseyTM brand cleaning and hygiene solutions, Sealed Air offers efficient and sustainable solutions that create business value for customers, enhance the quality of life for consumers and provide a cleaner and healthier environment for future generations. Sealed Air generated revenue of approximately $7.6 billion in 2012, and has approximately 25,000 employees who serve customers in 175 countries. To learn more, visit www.sealedair.com.
This press release and supplement contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words as “anticipates,” “believes,” “plan,” “assumes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans to,” “will” and similar expressions. For more extensive information, see “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements,” which appear in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our quarterly reports on Form 10-Q and current reports on Form 8-K. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events, or otherwise.
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