Sealed Air (NYSE:SEE)
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5 Years : From Jul 2011 to Jul 2016
Sealed Air Corporation (NYSE: SEE) and Ecovative Design LLC completed an
agreement to accelerate the production, sales and distribution of
Ecovative’s EcoCradle® Mushroom® Packaging, a new technology for
environmentally responsible packaging materials made from agricultural
byproducts and mycelium, or “mushroom roots”.
As part of the agreement, Sealed Air will be the exclusive licensee of
Ecovative’s mycelium based material technology in North America for
protective packaging applications. Since January, Sealed Air and
Ecovative have been developing together plans for sales and marketing as
well as the augmentation of production capabilities. Sealed Air plans to
begin offering the new products immediately.
"We have been pleased with our relationship with Sealed Air and have
seen how their sales network, strong packaging design capabilities, and
world-class supply chain will help us further our vision and broaden our
impact, providing an innovative and effective alternative to
petrochemical based packaging at a much larger scale," said Eben Bayer,
CEO of Ecovative.
“We are excited to be the exclusive provider of Ecovative’s technology
for protective packaging applications. The Ecovative Design team has
created a fundamental material technology, using the unique properties
of mycelium, to provide solutions to protective packaging. And we have
seen their success in manipulating these materials’ properties to
produce varying density, strength, texture, and appearance to meet
different performance needs of a variety of customer applications,” said
Ryan Flanagan, President of Sealed Air’s Protective Packaging business.
“The agreement also furthers our SmartLife™ commitment to sustainability
and providing solutions that reduce waste throughout the supply chain.
This technology turns an agricultural waste material into a packaging
solution that meets our customers' performance needs and protects
against their products being damage during shipping. Furthermore, it
broadens our product portfolio for molded shapes and potentially other
applications,” Flanagan added.
Sealed Air’s Protective Packaging business delivers an extensive
portfolio of protective, industrial and display packaging systems to
meet diverse application requirements across a broad range of
industries. Sealed Air operates Packaging Design Centers globally and
delivers a compelling value proposition that comes from a total solution
approach that positively benefits multiple areas of customer operations
– ultimately driving efficiencies and business value from the plant
floor to their customers’ doorsteps.
Details of the transaction were not disclosed. Sealed Air does not
expect the transaction to be material to its consolidated financial
position or results of operations.
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 DiverseyTM 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. On a pro forma basis, Sealed Air generated revenue of $8.1
billion in 2011, and has approximately 26,300 employees who serve
customers in 175 countries. To learn more, visit www.sealedair.com.
Founded in 2007, Ecovative is a materials science company developing a
new class of home-compostable bioplastics based on mycelium, an organism
akin to a living polymer. Ecovative’s high-performance products serve as
environmentally responsible alternatives to traditional foam packaging,
insulation, and other plastic-based materials. Ecovative was incubated
at Rensselaer Polytechnic Institute. Rensselaer, together with 3M
Company and the DOEN Foundation, are significant investors in Ecovative.
Ecovative has been recognized with numerous international awards for
sustainability and “green” technologies, and was named a Tech Pioneer at
the 2011 World Economic Forum in Davos, Switzerland. Ecovative’s growth
has been fueled by grants, prizes, and support from key partners
including the New York State Energy Research and Development Authority,
the National Science Foundation, the U.S. Department of Agriculture, the
Environmental Protection Agency, and the National Collegiate Inventors
and Innovators Alliance. For more information, visit www.ecovativedesign.com,
and follow @ecovative on
Company statements in this press release may be forward-looking. 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," "will" and similar expressions. A variety of
factors may cause actual results to differ materially from these
expectations, including: economic conditions affecting packaging
utilization; changes in raw material costs; currency translation
effects; and legal proceedings. 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 filed with the Securities and Exchange Commission, and as may be
revised and updated by our quarterly reports on Form 10-Q and current
reports on Form 8-K.