Sealed Air Announces Price Increases in North America
February 11 2014 - 8:00AM
Business Wire
In response to the continued escalation of its key raw materials
and other input costs, in particular polyethylene, nylon and
benzene, Sealed Air Corporation (NYSE:SEE) announced today it is in
the process of implementing North American price increases ranging
from 3% to 8% within the Company’s Food Care and Product Care
divisions. The increases are as follows for 2014:
- Eight percent increase on food
packaging trays effective February 3
- Five percent increase on paper
packaging systems effective March 1
- Five-to-eight percent increase on other
protective packaging products effective March 1
- Three and a half percent increase on
Food Care hygiene solutions effective March 3
- Four-to-six percent on Food Care bags
and rollstock effective March 24
“As our raw materials costs continue to rise in 2014, we will
remain steadfast to a pricing strategy to recover these costs. In
2014 alone, suppliers of polyethylene (PE), nylon, and benzene,
large inputs to our products, have announced significant price
increases on top of significant increases in 2013. Most recently in
North America, PE suppliers announced price increases of $0.04
effective February 1, 2014, with further announced increases March
1, 2014. To date these increases range between 21% and 28% since
January 1, 2013. Benzene prices have increased 25% over the past
three months and nylon is increasing $0.10 or 6%,” Jerome A.
Peribere, President & CEO, Sealed Air.
Business
Sealed Air Corporation creates a world that feels, tastes and
works better. In 2013, the Company generated revenue of
approximately $7.7 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, ensures 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
25,000 employees who serve customers in 175 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
Company statements in this press release may be “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning our business, consolidated financial
condition and results of operations. These statements include
comments as to future events that may affect the Company, which are
based upon management’s current expectations and are subject to
uncertainties, many of which are outside the Company’s control.
Forward-looking statements can be identified by such words as
“anticipates,” “expects,” “believes,” “plan,” “could,” “estimate,”
“will” and similar expressions. A variety of factors may cause
actual results to differ materially from these expectations,
including general domestic and international economic and political
conditions, changes in our raw material and energy costs, credit
ratings, the success of restructuring plans, currency translation
and devaluation effects, the competitive environment, the effects
of animal and food-related health issues, environmental matters,
and regulatory actions and legal matters. For more extensive
information, see “Risk Factors” and “Cautionary Notice Regarding
Forward-Looking Statements,” which appear in our most recent Annual
Report on Form 10-K, as may be revised and updated from time to
time by our Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, as filed with the Securities and Exchange Commission.
These reports are available on the Securities and Exchange
Commission’s website at www.sec.gov or our Investor Relations home
page at http://ir.sealedair.com. Sealed Air does not undertake any
obligation to publicly update any forward-looking statement to
reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated
events.
Sealed Air CorporationInvestor:Lori Chaitman,
201-703-4161orMedia:Ken Aurichio, 201-703-4164
Sealed Air (NYSE:SEE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sealed Air (NYSE:SEE)
Historical Stock Chart
From Apr 2023 to Apr 2024