Sealed Air Acquires AFP
CHARLOTTE, NC, AUGUST 2, 2018 – Sealed Air Corporation (NYSE: SEE) has further expanded its solutions portfolio and design capabilities with the acquisition of AFP, Inc., a leading, privately held fabricator of foam, corrugated, molded pulp and wood packaging solutions. The sale closed August 1, 2018. Sealed Air will discuss the acquisition during its second quarter 2018 earnings conference call Thursday, August 2, 2018 at 10 a.m. ET.
AFP specializes in custom-engineered protective packaging for retail, e-commerce and direct shipping applications. Acquiring the company will allow Sealed Air to better position its fabricated foam innovations such as EcoPure, a sustainable solution made from plant-based resin. AFP generated $125 million in net sales in 2017 and operates six facilities across the U.S. with further presence in Asia and Mexico. Founded in 1978, it employs 260 and is headquartered in Pflugerville, Texas.
“With the acquisition of AFP, coupled with our 2017 acquisition of Fagerdala, Sealed Air will further expand its capability to provide fabricated designs directly to customers in markets such as electronics and transportation,” said Kenneth P. Chrisman, President of Sealed Air’s Product Care division. “Sealed Air will also continue to leverage its established network of strategic fabricator partners, which remains an integral part of the company’s strategy to deliver custom high-performance, sustainable packaging solutions.”
About Sealed Air
Sealed Air Corporation is a knowledge-based company focused on packaging solutions that help our customers achieve their sustainability goals in the face of today’s biggest social and environmental challenges. Our portfolio of widely recognized brands, including Cryovac® brand food packaging solutions and Bubble Wrap® brand cushioning, enable a safer and less wasteful food supply chain and protect valuable goods shipped around the world. Sealed Air generated $4.5 billion in sales in 2017 and has approximately 15,000 employees who serve customers in 122 countries. To learn more, visit sealedair.com.
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