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Sealed Air acquires flexible packaging producer MGM
Sealed Air acquires flexible packaging producer MGM Sealed Air Corporation has acquired Philippines-based packaging producer MGM for an undisclosed sum, expanding its operations in the Asia Pacific market.
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Issued this week to Sealed Air Corporation—D837,648, for “Inflated Cushioning Material.”
Sealed Air elects Jerry Whitaker chairman of the board
CHARLOTTE, US: Sealed Air Corporation (SEE) has elected Jerry Whitaker as non-executive chairman of its board.
Jerry Whitaker is a member of Sealed Air board of directors. Effective may 17, Whitaker succeeds William Marino, who has retired from the board after serving as chairman since 2014.
Whitaker was first elected to the board in January 2012. Previously, Whitaker served as president of Power Components & Systems Group from 2004 through 2009 and as president of Electrical Sector-Americas, Eaton Corporation, a global manufacturer of highly engineered products, until his retirement in June 2011.
In addition to Jerry Whitaker, the following seven incumbent directors have been reelected: Michael Chu, Ted Doheny, Patrick Duff, Henry Keizer, Jacqueline Kosecoff, Neil Lustig and Richard Wambold.
“It is a privilege to assume the role of chairman of the board for Sealed Air, and I look forward to creating the most value for our shareholders as we progress in the Sealed Air story,” said Jerry Whitaker.
Read More: Sealed Air elects Jerry Whitaker chairman of the board
Sealed Air CEO to retire, former Joy Global head to succeed
Sealed Air Corporation (SEE) said that Jerome Peribere, CEO and president, has advised the company’s board of directors of his intent to retire at the end of December 2017.
The board simultaneously elected Edward (Ted) Doheny II, who served as CEO of Joy Global until its sale to Komatsu in May 2017 as Director, chief operating officer (COO) and CEO-designate, effective 18 September 2017.
As COO of the company, Doheny will have responsibility for the operating businesses and supply chain network and will report to Peribere. In addition, Doheny will work on transitioning with Peribere until December 31, 2017, and will then assume the role of CEO and president, effective January 1, 2018.
Read more: Sealed Air CEO to retire, former Joy Global head to succeed
Sealed Air completes sale of Diversey division to Bain Capital
Sealed Air Corporation (SEE) has completed the sale of its Diversey care division and the food hygiene and cleaning business within its food care division (together with New Diversey) to Bain Capital Private Equity for approximately $3.2 billion.
“We will use the proceeds of the sale to repay debt, maintain our net leverage ratio in the range of 3.5 to 4.0 times, repurchase shares and invest in our core business and targeted M&A activity. Sealed Air is well positioned for profitable growth and strong cash flow. We will be driven by a proven business model, enhanced strategic focus and improved ability to optimize capital allocation and invest in new disruptive technologies,” said Jerome Peribere, Sealed Air president and CEO.
Read more: Sealed Air completes sale of Diversey division to Bain Capital
Sealed Air increases price for product care in North America
Sealed Air Corporation (SEE) said that it is increasing prices for all products in its North American product care division. The increases will be effective 1 September 2017.
The price adjustments are the result of increase in resin costs of over 7 percent since the start of the year with over 9 percent 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 percent since the start of 2017, and recycled paper and corrugated up with old corrugated container (OCC) costs climbing more than 50 percent year-to-date with further increases expected.
A 9 percent 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 percent 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 percent 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 IB film, PriorityWrap Bubble, Rapid fill automated bags, Shrink films, speciality foams, and Wonderfil film.
Read more: Sealed Air increases price for product care in North America
Sealed Air CSR Initiative Soap For Hope Impacts 15,000 Lives
Sealed Air CSR Initiative Soap For Hope Impacts 15,000 Lives
The Soap for Hope Initiative of the Sealed Air Corporation, a Fortune 500 company, engaged in the business of food packaging and food safety, cleaning and hygiene solution has touched more than 15,000 lives so far. The initiative was launched in 2016 as part of the Company’s CSR with the purpose of recycling used soap from hotels by processing them into new bars of soap and distributing the same…
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