Sealed Air Plans to Raise Prices
October 08 2013 - 8:50AM
Dow Jones News
Sealed Air Corp. (SEE) said it plans to raise prices for most of
the company's food-care and product-care divisions in North America
by about 4% to 9% to reflect significantly higher costs for major
petrochemical raw materials such as polyethylene.
The maker of packaging materials such as Bubble Wrap expects the
company's price increases will take effect by Nov. 1 or as existing
contracts allow. Sealed Air stated that since last December
polyethylene suppliers have raised prices 16% amid tightening
capacity utilization.
Sealed Air President and Chief Executive Jerome A. Peribere
stated "the company is seeking to minimize the cost increases and
their impact on our customers; however, we need to offset them
through a responsible price policy that enables us to continue to
invest in service and innovation and serve our customers long
term."
Sealed Air Corp. (SEE) in August reported that it swung to a
second-quarter profit as the year-earlier period included more
restructuring charges, while sales edged up.
Shares closed Monday at $26.56 and were inactive premarket. The
stock is up 52% this year.
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