Sealed Air Corporation Announces Sale of Rigid Medical Packaging Business
November 13, 2013 at 7:26 AM EST
ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Nov. 13, 2013--
Sealed Air Corporation (NYSE:SEE) announced today it has entered into a
definitive agreement to sell its rigid medical packaging business to a
private equity firm, Mason Wells Buyout Fund III, L.P.Sealed Air
expects to receive proceeds of $125 million from the sale.
Sealed Air's rigid medical packaging business was formed from three
previous acquisitions: Nelipak Holdings, Alga Plastics and ATE Costa
Rica, which includes facilities in each of Ireland, the Netherlands, the
United States and Costa Rica.
“The transaction is another step in our commitment to a disciplined
approach to portfolio management,” said Jerome A. Peribere, President
and Chief Executive Officer, Sealed Air. “Our rigid medical business has
a strong global position but no longer presents a strategic fit for us.
By further focusing our portfolio, we can maximize our investment in new
innovations which are core to our market-driven business.”
Peribere also said, “Sealed Air remains committed to the medical
packaging industry and will continue to manufacture medical and
pharmaceutical films.”
The transaction is expected to be completed in the fourth quarter of
2013, subject to the satisfaction of customary closing conditions. The
price will be subject to certain purchase price adjustments.
On October 30, 2013, the Company provided its full year 2013 outlook for
net sales of approximately $7.7 billion and Adjusted EPS to be in the
range of $1.25 to $1.30. This outlook included estimated net sales of
approximately $100 million and approximately $0.04 earnings per
share related to the rigid medical packaging business. The Company
expects that the results of this business will be accounted for as
discontinued operations. Further details of the impact of this
transaction will be presented in the Company's fourth quarter earnings
release on February 6, 2014.
Business
Sealed Air Corporation creates a world that feels, tastes and works
better. In 2012, the Company generated revenue of approximately $7.6
billion by helping 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, Bubble Wrap® brand cushioning and Diversey™ cleaning
and hygiene solutions, ensures a safer and less wasteful food supply
chain, protects valuable goods shipped around the world, and improves
health through clean environments. Sealed Air has approximately 25,000
employees who serve customers in 175 countries. To learn more, visit www.sealedair.com.
Forward-Looking Statements
Company statements in this press release may be “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning our business, consolidated financial
condition and results of operations. 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,” “believes,”
“plan,” “could,” “estimate,” “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 may be revised and updated from time to time by our Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K, as filed with the
Securities and Exchange Commission. These reports are available on the
Securities and Exchange Commission’s website at www.sec.gov
or our Investor Relations home page at http://ir.sealedair.com.
Sealed Air does not undertake any obligation to publicly update any
forward-looking statement to reflect events or circumstances after the
date on which any such statement is made or to reflect the occurrence of
unanticipated events.
Source: Sealed Air Corporation
Sealed Air Corporation
Investors:
Lori Chaitman, 201-703-4161
or
Media:
Ken
Aurichio, 201-703-4164