ELMWOOD PARK, N.J.--(BUSINESS WIRE)--
Sealed Air Corporation (SEE) announced today a 5% North American price increase on select products in the Company’s Product Care division. The price increases will take effect October 1, 2014.
“Our North American price increases are in response to the continued escalation of our key raw materials and other input costs, in particular polyethylene and nylon, which all major petrochemical (PE) suppliers announced will take place September 1. These new price increases from our suppliers are on top of significant increases announced earlier in the year. Cumulatively, since January 2013, the PE suppliers have increased prices between 13-22%, which includes a 4-8% in early 2014. We are committed to delivering the broadest and most innovative product portfolio to our customers and with that objective, we need to recover raw material cost increases,” said Jerome A. Peribere, President & CEO, Sealed Air.
The Sealed Air 5% price increase will be applied to the following product families: Bubble Wrap® brand cushioning, Cell-Aire® foam and laminates, Jiffy® mailers, Instapak® film, Fill-Air® void fill, NewAir I.B.® and FillTeck™ inflatable cushioning materials, RapidFill® automated bags and Cryovac®, Opti® and CorTuff® shrink films.
Sealed Air Corporation creates a world that feels, tastes and works better. In 2013, the Company generated revenue of approximately $7.7 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, ensures 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 25,000 employees who serve customers in 175 countries. To learn more, visit www.sealedair.com.
We routinely post important information for investors on our website, www.sealedair.com, in the "Investor Relations" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Company statements in this press release may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. These statements include comments as to future events that may affect the Company, which are based upon management’s current expectations and are subject to uncertainties, many of which are outside the Company’s control. Forward-looking statements can be identified by such words as “anticipates,” “expects,” “believes,” “plan,” “could,” “estimate,” “will” and similar expressions. A variety of factors may cause actual results to differ materially from these expectations, including general domestic and international economic and political conditions, changes in our raw material and energy costs, credit ratings, the success of restructuring plans, currency translation and devaluation effects, the competitive environment, the effects of animal and food-related health issues, environmental matters, and regulatory actions and legal matters. 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 may be revised and updated from time to time by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission. These reports are available on the Securities and Exchange Commission’s website at www.sec.gov or our Investor Relations home page at http://ir.sealedair.com. Sealed Air does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
- Consumer Discretionary
- Sealed Air Corporation
Lori Chaitman, 201-703-4161
Ken Aurichio, 201-703-4164