Sealed Air Announces North American Price Increase
ELMWOOD PARK, NJ—October 8, 2013—Sealed Air announced that price increases ranging from 4-9 percent for most products in the company's Food Care and Product Care divisions in North America would take place. The actions taken are the direct result of recent significant price increases announced last month by major petrochemical suppliers in the North American market, including most recently an increase on polyethylene (PE), a major raw material for the packaging industry, retroactive to September 1. On a cumulative basis since last December, the PE suppliers have increased prices 16 percent, despite low ethane costs but tightening PE capacity utilizations. Sealed Air's price increases will be effective as of November 1 at the latest, or as allowed by existing contracts.
"The company is seeking to minimize the cost increases and their impact on our customers," commented Jerome A. Peribere, Sealed Air president and CEO, "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."
About Sealed Air
Sealed Air is a global leader in food safety and security, facility hygiene and product protection. With widely recognized and inventive brands such as Bubble Wrap brand cushioning, Cryovac brand food packaging solutions and Diversey brand cleaning and hygiene solutions, Sealed Air offers efficient and sustainable solutions that create business value for customers, enhance the quality of life for consumers and provide a cleaner and healthier environment for future generations. Sealed Air generated revenue of approximately $7.6 billion in 2012, and has approximately 25,000 employees who serve customers in 175 countries.
Source: Sealed Air.