Sealed Air to Acquire Asian Specialty Foam Business
September 11 2017 - 3:30PM
Business Wire
Sealed Air Corporation (NYSE:SEE) announced today the
acquisition of Fagerdala Singapore Pte Ltd., a manufacturer and
fabricator of polyethylene foam. Sealed Air will acquire 100
percent of Fagerdala shares for approximately $100 million in cash.
The sale is expected to close in October of 2017.
Fagerdala, established in 1983 with headquarters in Singapore,
has 14 manufacturing facilities, employs more than 1,300 people in
China, Thailand, Singapore, Malaysia, Mexico and the United States,
and generated $80 million in sales in 2016. Sealed Air plans to
leverage Fagerdala’s manufacturing footprint in Asia, expertise in
foam manufacturing and fabrication, and commercial organization to
grow sales in the consumer electronics, medical equipment and
devices, automotive, temperature assurance, and e-commerce
fulfillment sectors.
“With the acquisition of Fagerdala, we will significantly expand
our presence and manufacturing footprint in Asia. Fagerdala has
unique vertically integrated operations in the Asian market that
will allow us to expand their business beyond foam and offer our
combined customer base a full portfolio of differentiated
solutions, such as automated fulfillment systems and operational
excellence consultative services,” said Kenneth P. Chrisman,
President of Sealed Air’s Product Care Division.
“Both Fagerdala and Sealed Air share the same vision of being
people first and customer obsessed. Together we are a perfect match
with the right mix and balance of synergies and we will be able to
respond even more rapidly to our customers globally, giving them
the freedom to focus on what really matters to their business. We
are extremely proud of our rich history, and more importantly,
immensely excited to be a part of Sealed Air Asia,” said Paul Yeo
CT, Executive Chairman of Fagerdala Singapore.
About Sealed Air
Sealed Air Corporation is 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, enables a safer and less wasteful
food supply chain and protects valuable goods shipped around the
world. Sealed Air generated $4.2 billion in sales in 2016 and has
approximately 14,000 employees who serve customers in 117
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
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: the tax benefits associated with the Settlement
agreement (as defined in our 2016 Annual Report on Form 10-K),
global economic and political conditions, changes in our credit
ratings, changes in raw material pricing and availability, changes
in energy costs, competitive conditions, the success of our
restructuring activities, currency translation and devaluation
effects, the success of our financial growth, profitability, cash
generation and manufacturing strategies and our cost reduction and
productivity efforts, the success of new product offerings, the
effects of animal and food-related health issues, pandemics,
consumer preferences, environmental matters, 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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version on businesswire.com: http://www.businesswire.com/news/home/20170911006115/en/
Sealed Air CorporationInvestor:Lori Chaitman,
704-503-8841orMedia:Ken Aurichio, 917-693-5417
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