Industry Press Releases

Sealed Air Announces Price Increases for Its North American Product Care Products

Wednesday, Aug 02, 2017
Pressreleases

Sealed Air Corporation announced that it is implementing a price increase on all products in its North American Product Care division. The increases will be effective September 1, 2017.

The price adjustments are the result of escalation in resin costs of over 7% since the start of the year with over 9% of additional increases expected to be announced in the near term. Other raw materials costs have also been on the rise including chemical components (MDI/Polyol) which are up 15% since the start of 2017, and recycled paper and corrugated up with Old Corrugated Container (OCC) costs climbing more than 50% year-to-date with further increases expected.

A 9% price increase will be applied to the following paper-based products: consumable paper for all Sealed Air paper systems, Custom Wrap™ Converted Paper, Kushion Kraft® Converted Paper, PriorityWrap® Rigid Board and macerated pads.

A 6% price increase will be applied to the following paper-based products: Jiffylite® Kraft Bubble Mailers, Jiffy® Utility Mailers, Jiffy® Padded Envelopes, Jiffy Rigi Bag® Envelopes, and Korrvu® Suspension and Retention packaging.

A 6% increase will be applied to these additional products: BubbleWrap® IB Film, BubbleWrap® Brand Products, Cell-Aire® Packaging Foam and Laminate Products, Fill-Air® Inflatables Film, FloWrap® Film, Instapak® Film, Instapak Quick®, Instapak Simple® Foam Components, Instapak® Dispenser Solution, Jiffy® TuffGard® Mailers, Jiffy® ShurTuff® Mailers, NewAir I.B.® Film, PriorityWrap® Bubble, Rapid Fill® Automated Bags, Shrink Films, Speciality Foams, and Wonderfil® Film.

Instapak® Chemicals will increase by $0.09 per pound and is also effective on September 1, 2017.

Business

Sealed Air Corporation creates a world that feels, tastes and works better. In 2016, the Company generated revenue of approximately $6.8 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 23,000 employees who serve customers in 171 countries. To learn more, visit www.sealedair.com.

Website Information

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.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipates,” “believes,” “plan,” “assumes,” “could,” “should,” “estimates,” “expects,” “intends,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings. The following are important factors that we believe could cause actual results to differ materially from those in our forward looking statements: the tax benefits associated with the Settlement agreement (as defined in our 2016 Annual Report on Form 10-K), global economic and political conditions, changes in our credit ratings, changes in raw material pricing and availability, changes in energy costs, competitive conditions, the success of the sale of the Diversey Care division and related food hygiene and cleaning business, the success of our restructuring activities, currency translation and devaluation effects, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, the success of new product offerings, the effects of animal and food-related health issues, pandemics, consumer preferences, environmental matters, regulatory actions and legal matters, and the other information referenced in the “Risk Factors” section appearing 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. Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contacts
Sealed Air Corporation
Investors:
Lori Chaitman, 201-712-7310
or
Media:
Ken Aurichio, 917-693-5417

 

Source: businesswire.com

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