Sealed Air and Ecovative Complete Agreement to Accelerate Commercialization of New Sustainable Packaging Material
June 20 2012 - 07:30AM
Business Wire
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.
About Ecovative
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,
www.mushroompackaging.com, and follow @ecovative on
Twitter.
Forward-Looking
Statements
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.
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