Sealed Air Announces Sale of North American Foam Trays and Absorbent Pads Businesses
CHARLOTTE, NC --- Sealed Air Corporation (NYSE: SEE) today announced it has completed the sale of its North American foam trays and absorbent pads business to NOVIPAX, a portfolio company of Atlas Holdings LLC. The sale includes Sealed Air’s manufacturing facilities in Paxinos and Reading, PA, Indianapolis, IN, Rockingham, NC and Grenada, MS. In 2014, Sealed Air’s North American foam tray and absorbent pads businesses generated approximately $214 million in sales to the Company’s Food Care division.
“The decision to divest foam trays and absorbent pads is another step in how we Re-Imagine™ Sealed Air and our commitment to a disciplined approach to portfolio management,” said Jerome A. Peribere, President & CEO, Sealed Air. “As we increase our focus on innovation and differentiation in the flexible packaging industry, the decision to divest trays and pads aligns with our overall strategy and we are confident NOVIPAX is the right strategic buyer to further expand and grow this business.”
Sealed Air will provide additional information on the transaction during its first quarter earnings call currently scheduled for April 30, 8:30 am EDT.
Sealed Air Corporation creates a world that feels, tastes and works better. In 2014, the Company generated revenue of approximately $7.8 billion by helping 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, Bubble Wrap® brand cushioning and Diversey® cleaning and hygiene solutions, enables a safer and less wasteful food supply chain, protects valuable goods shipped around the world, and improves health through clean environments. Sealed Air has approximately 24,000 employees who serve customers in 175 countries. To learn more, visit www.sealedair.com.
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