ELMWOOD PARK, N.J. (AP) -- Sealed Air is raising prices in North America for most of items from its food care and product care units by 4 percent to 9 percent.
The price increases are effective by Nov. 1, or as allowed by existing contracts.
The food packaging company said Tuesday that the price hikes are due to higher raw material costs that came about when major petrochemical suppliers in North America announced price increases in September. The most recent price hike by the suppliers was on polyethylene, a major raw material for the packaging industry.
Sealed Air Corp. said that polyethylene suppliers have boosted prices by 16 percent since December.
Shares of the company closed Monday at $26.56, up nearly 52 percent since the start of the year.