Sealed Air Announces Price Increase for Food Care Products in Europe, Middle East and Africa
December 05 2017 - 7:30AM
Business Wire
Sealed Air Corporation (NYSE: SEE) announced today that it is
implementing a price increase of 2.5 – 5.0% for the majority of its
Food Care division’s products in Europe, Middle East and Africa
with the exception of Switzerland and the United Kingdom who
received price increases earlier in the year. The increase will be
effective January 1, 2018.
“The price adjustment is the result of escalation of notable
increases in the Company’s raw materials costs including a 19% rise
in the price of polyethylene, a 16% rise in nylon and a 35% rise in
polystyrene as well as other non-materials costs such as power,
labor and transportation in the range of 1-4%,” said Karl R. Deily,
President of Sealed Air Food Care division. “Despite the necessary
price changes, we are working to minimize the impact to our
customers while delivering them the same high level of value and
innovation.”
The price changes include an increase on all shrink bags,
rollstock products, food films and vertical pouch packaging.
BusinessSealed 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, enables a safer and less wasteful food supply chain and
protects valuable goods shipped around the world. Sealed Air
generated $4.2 billion in sales in 2016 and has approximately
14,000 employees who serve customers in 117 countries. To learn
more, visit www.sealedair.com.
Website InformationWe
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
StatementsThis 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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171205005729/en/
Sealed Air CorporationInvestor Relations:Lori Chaitman,
704-503-8841orMedia:Ken Aurichio, 917-693-5417
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