Sealed Air Corporation (NYSE:SEE) announced today 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170801006727/en/
Sealed Air CorporationInvestors:Lori Chaitman,
201-712-7310orMedia:Ken Aurichio, 917-693-5417
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