HOUSTON & CHARLOTTE, N.C.--(BUSINESS WIRE)--
Sealed Air Corporation (NYSE:SEE) has entered into an agreement with Kuraray America, Inc. (Kuraray), a Japanese chemical company, to offer food packaging materials derived from its Plantic™ bio-based resins.
“We are expanding our portfolio of sustainable solutions with Plantic’s bio-based materials. This solution enables us to offer a renewable packaging option and continue helping the industry address food waste by extending the shelf-life and freshness of food,” said Karl Deily, President of Sealed Air Food Care.
Through this new cooperation with Kuraray, Sealed Air will offer Plantic materials to package perishable foods such as poultry, beef and seafood in the U.S., Canada and Mexico. The materials provide a highly effective oxygen barrier that is also cost competitive with traditional rollstock barrier films.
“This investment not only accelerates Sealed Air’s commitment to renewability, recyclability and innovation, it is also an important pivot point for expanding the market leadership of the Cryovac® and Bubble Wrap® brands,” said Ted Doheny, Sealed Air President and Chief Executive Officer.
“This agreement with Sealed Air expands the options for sustainable bio-based barrier packaging that will benefit consumers, retailers and processors equally,” stated Robert Armstrong, General Manager of EVAL and Plantic, Kuraray America, Inc. “Plantic materials set a new standard for bio-based barrier packaging performance, provide unmatched sustainability metrics and can be recycled through traditional streams in some countries including Australia.”
About Sealed Air
Sealed Air Corporation is a knowledge-based company focused on packaging solutions that help 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 and Bubble Wrap® brand cushioning, enable a safer and less wasteful food supply chain and protect valuable goods shipped around the world. Sealed Air generated $4.5 billion in sales in 2017 and has approximately 15,000 employees who serve customers in 122 countries. To learn more, visit www.sealedair.com.
Founded in 1926 in Kurashiki, Japan, Kuraray Co., Ltd. is a world leader in performance-based polymer and synthetic chemistry technologies, including resins, chemical, fibers and textiles. It was the first entity in the world to bring ethylene vinyl alcohol (EVOH) polymers to market. The company operates 19 subsidiaries around the world, including Kuraray America, Inc., which is headquartered in Houston. The U.S. division is a world leader in barrier polymer material with products like EVAL™ EVOH and Plantic, a bio-based polymer with barrier properties. For more information, visit www.evalevoh.com.
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.
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipates,” “believes,” “plan,” “assumes,” “could,” “should,” “estimates,” “expects,” “intends,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings. The following are important factors that we believe could cause actual results to differ materially from those in our forward looking statements: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, pandemics, changes in energy costs, environmental matters, the success of our restructuring activities, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, changes in our credit ratings, the tax benefit associated with the Settlement agreement (as defined in our 2017 Annual Report on Form 10-K), regulatory actions and legal matters, and the other information referenced in the “Risk Factors” section appearing in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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