Sealed Air Announces Two-for-One Stock Split and 33% Cash Dividend Increase

ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Feb. 16, 2007--Sealed Air Corporation (NYSE:SEE) announced today that its Board of Directors has declared a two-for-one stock split to be effected in the form of a stock dividend payable on March 16, 2007 to stockholders of record of outstanding shares of its common stock at the close of business on March 2, 2007. The Company's Board of Directors also increased the Company's quarterly cash dividend by 33% to $0.20 per common share, declaring a quarterly cash dividend payable on the pre-split shares of the Company's common stock on March 16, 2007 to stockholders of record at the close of business on March 2, 2007.

Commenting on the stock split and the cash dividend increase, William V. Hickey, Sealed Air's President and Chief Executive Officer, stated:

"Our increased cash dividend reflects our confidence in the strength of our business and our commitment to our stockholders. The stock split will enable us to add to the supply of our common stock and thereby increase our overall liquidity in the market. We are encouraged about the growth opportunities for our business as we continue to generate significant cash flow to fund investments in new technologies and production capacity, while also returning cash to our stockholders."

Business

Sealed Air is a leading global manufacturer of a wide range of food and protective packaging materials and systems including such widely recognized brands as Bubble Wrap(R) cushioning, Jiffy(R) protective mailers and Cryovac(R) food packaging products. For more information about Sealed Air, please visit the Company's web site at www.sealedair.com.

Forward-Looking Statements

Some of the statements made by the Company in this press release are forward-looking. These statements include comments as to future events and trends affecting the Company's business, which are based upon management's current expectations and are necessarily subject to risks and uncertainties, many of which are outside the control of the Company. Forward-looking statements can be identified by such words as "anticipates," "estimates," "expects," "intends," "plans," "will" and similar expressions. The following are important factors that the Company believes could cause actual results to differ materially from those in the Company's forward-looking statements: changes in raw material and energy costs; the effects of animal and food-related health issues; import/export restrictions; market conditions; the evolution and timing of the Company's global manufacturing strategy; tax, interest and exchange rates; the success of new products; and legal proceedings. A more extensive list and description of these and other such factors can be found under the headings "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements," which appear in the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission.

    CONTACT: Sealed Air Corporation
             Eric D. Burrell, 201-791-7600

    SOURCE: Sealed Air Corporation