SEE Sealed Air Corporation

Sealed Air Corp. (SEE) said it plans to raise prices for most of the company's food-care and product-care divisions in North America by about 4% to 9% to reflect significantly higher costs for major petrochemical raw materials such as polyethylene.

The maker of packaging materials such as Bubble Wrap expects the company's price increases will take effect by Nov. 1 or as existing contracts allow. Sealed Air stated that since last December polyethylene suppliers have raised prices 16% amid tightening capacity utilization.

Sealed Air President and Chief Executive Jerome A. Peribere stated "the company is seeking to minimize the cost increases and their impact on our customers; however, we need to offset them through a responsible price policy that enables us to continue to invest in service and innovation and serve our customers long term."

Sealed Air Corp. (SEE) in August reported that it swung to a second-quarter profit as the year-earlier period included more restructuring charges, while sales edged up.

Shares closed Monday at $26.56 and were inactive premarket. The stock is up 52% this year.

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