Sealed Air Announces New Share Repurchase Program Authorization
14 July 2015 - 9:30PM
Business Wire
Sealed Air Corporation (“Sealed Air” or the “Company”)
(NYSE:SEE) today announced that its Board of Directors has
authorized a new repurchase program of up to $1.5 billion of the
Company’s common stock, reflecting its commitment to return value
to shareholders. The new repurchase program has no expiration date
and replaces the previously authorized program, which was
terminated.
Repurchases will be subject to market conditions and will be
made in open market transactions, privately negotiated
transactions, accelerated stock repurchase programs, issuer
self-tender offers or otherwise, as determined by the Company's
management, and in accordance with the applicable securities laws.
This program does not obligate the Company to acquire any
particular amount of common stock. The pace of repurchase activity
will depend on factors such as levels of cash generation from
operations, cash requirements for investment in the Company's
business, repayment of debt, current stock price, market conditions
and other factors. The Company’s repurchase program may be
suspended, discontinued or resumed at any time.
Business
Sealed Air creates a world that feels, tastes and works better.
In 2014, the Company generated revenue of approximately $7.8
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 24,000 employees who serve customers in 175
countries. To learn more, visit www.sealedair.com. Information on
Sealed Air’s website is not incorporated into, and does not form a
part of, this press release.
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 cash tax benefits associated with the Settlement
agreement (as defined in our 2014 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, 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 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/20150714005486/en/
Sealed Air CorporationInvestor:Lori Chaitman,
201-703-4161orMedia:Ken Aurichio, 201-703-4164
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