Expanding and upgrading facilities in South
Carolina and Texas to meet increased demand for sustainable food
packaging
Sealed Air Corporation (NYSE: SEE) is investing in capacity at
its Simpsonville, S.C. facility to produce plant-based food
packaging. This facility will be the first in North America to
produce materials made from Plantic™ plant-based resin and
post-consumer plastic. Simpsonville is one of the world’s largest
packaging plants with over 1,000 employees and 1.4 million square
feet of operations. Packaging materials and systems for food and
consumer products are currently manufactured at this location.
In June 2018, Sealed Air and Kuraray America, Inc. (Kuraray), a
specialty materials company with headquarters in Japan, entered
into an agreement to offer Plantic materials to package perishable
foods such as poultry, beef and seafood in the U.S., Canada and
Mexico.
Sealed Air’s planned capital investment of $24 million is
underway and production is scheduled to begin in the second quarter
of 2020. To support this work, Kuraray is investing approximately
$15 million to install plant-based high barrier resin production
and supporting capabilities in Houston, Texas. Kuraray’s resin
plant is scheduled to be completed at the end of September 2019 and
will begin operating in early 2020.
“This collaborative effort with Kuraray expands our ability to
deliver innovative, sustainable food packaging solutions that leave
our world, environment and communities better than we found them,”
said Ted Doheny, Sealed Air President and CEO. “This investment
also helps us reach our commitment to deliver 100% recyclable or
reusable packaging offerings, and 50% average recycled content
across all packaging solutions by 2025.”
As upgrades to both facilities progress, Sealed Air, under the
agreement with Kuraray, will continue to serve customers in North
America by importing materials from Plantic Australia. The
investment positions both companies for strategic growth in the
Americas as demand for sustainable materials continues to
increase.
“Kuraray continues to pioneer proprietary technology to develop
new fields of business, grow globally and improve the environment,”
stated Katsumasa Yamaguchi, General Manager of the Global EVAL
Division. “We are looking forward to this collaborative investment
with Sealed Air which allows us to produce and offer a
high-performing plant-based packaging option to the food industry
on a much larger scale.”
For more information on this investment or associated offerings,
visit www.sealedair.com or www.kuraray.us.com.
About Sealed Air
Sealed Air partners with customers to solve their most critical
packaging challenges with innovative solutions that leave our
world, environment, and communities better than we found them. Our
portfolio of widely recognized brands includes Cryovac® food
packaging and Bubble Wrap® protective packaging which respectively
enable a safer, more efficient food supply chain and protect
valuable goods shipped around the world. Sealed Air generated $4.7
billion in sales in 2018 and has approximately 15,500 employees who
serve customers in 123 countries. To learn more, visit
www.sealedair.com.
About Kuraray
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.
Website Information
We routinely post important information for investors on our
website, www.sealedair.com, in the Investors 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 Investors 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 “anticipate,” “believe,” “plan,”
“assume,” “could,” “should,” “estimate,” “expect,” “intend,”
“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
most recent 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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