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Sealed Air

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Sealed Air Corporation
Company typePublic
NYSE: SEE
S&P 500 Component
IndustryConglomerate
Founded1960
FoundersAlfred W. Fielding and Marc Chavannes
Headquarters
Charlotte, North Carolina
Number of locations
200+
Area served
Global
Key people
Ted Doheny, CEO
ProductsBubble Wrap, Cryovac
BrandsBubble Wrap, Cryovac,
Revenue$US 4.5 billion[1]
Number of employees
about 15,000[2][3]
Websitehttps://sealedair.com/

Sealed Air Corporation is a packaging company known for its brands: Cryovac food packaging and Bubble Wrap cushioning packaging.[1][3][4] Sealed Air Corporation has two divisions: Food Care & Product Care.[2] Ted Doheny is the CEO of the Charlotte, North Carolina-headquartered Sealed Air.[3][5]

History

In 1957, Alfred W. Fielding and Marc Chavannes attempted to invent plastic wallpaper with a paper backing.[6][7][8][9] While the wallpaper failed, Fielding and Chavannes later realized that what they had come up with could be used for packing material.[6][8][9] Sealed Air was founded in 1960 based on this invention of Bubble Wrap.[6][7][8][9] That same year, Sealed Air raised $85,000 in its initial public offering.[10] Fielding served as executive vice president and director of Sealed Air until his retirement in 1987, while Chavannes worked mostly as a consultant.[8]

T.J. Dermot Dunphy served as CEO from 1971-2000.[8][10][11] Dunphy graduated from Oxford University and received his master of business administration from Harvard Business School.[10][11] He became Chairman of Kildare Enterprises, LLC in November 2000, after leaving Sealed Air.[11] While with Sealed Air, Dunphy grew sales from $5 million to $3 billion.[12]

William Hickey served as CEO from 2000-March 2013.[13] Prior to being CEO, William Hickey served in several capacities at Sealed Air, including COO, executive vice president, CFO, vice president, and general manager of the Food Packaging Division and the Cellu Products Division.[13] Before working for Sealed Air, he was CPA at Arthur Young and CFO of W. R. Grace and Company’s Latin American operations.[13]

Sealed Air produced the foam that was ignited in the 2003 Station nightclub fire and has paid $25 million to victims in various civil settlements.[14]

In March 2013, Peribere took over as CEO and President of Sealed Air.[15] Peribere obtained his business economics and finance degree from Institut d'études politiques in Paris, France.[15] Before working for Sealed Air, Peribere worked in several managerial roles with Dow Chemical Company from 1977-2012.[15] He also served as president and COO of Sealed Air before taking over as CEO.[15]

On July 23, 2014, Sealed Air announced that it would be moving its global headquarters to Charlotte, North Carolina.[16] In January 2018, Ted Doheny took over as CEO[17].

Acquisitions

In 1970, Sealed Air acquired Smith Packaging Ltd., which was later renamed Sealed Air of Canada, Ltd., which marked Sealed Air going international.[10] In 1971, Sealed Air marketed a new product. (Encyclopedia) By laminating the AirCap cushioning to paper, the company now had Mail Lite padded shipping envelopes.[10]

In 1973, Sealed Air marketed its first product not based on its bubble technology.[10] Ply-Mask is a pressure sensitive polyethylene film used to protect delicate surfaces from scratches.[10] That same year, Sealed Air brought their market to Europe by acquiring 10 percent of Sibco Universal, S.A., a French manufacturing firm.[10] Over the next few years, Sealed Air bought out the rest of Sibco and came up with The Sealed Air Solar Blanket.[10]

Acquired in 1977, Instapak foam is expanding polyurethane foam that comes in a variety of densities.[10][18] Used primarily for shipping, the foam-in-bag process molds to the shape of the object and expands to fill the void space of its shipping container.[10][18]

Sealed Air acquired Cellu Products Co. and Dri-Loc in 1983, Jiffy in 1987, Sentinel in 1991, and the Shurtuff Division of Shuford Mills, Inc. in 1993.[10][19] 1994 was a busy year for Sealed Air with the acquisitions of Hereford Paper and Allied Products Ltd., Sup-Air-Pack, Fill Air, and packaging companies based in Norway, France, and Italy.

W.R. Grace sold Cryovac to Sealed Air in 1998 for $4.9 billion.[7][20] In June 2000, Sealed Air purchased Dolphin Packaging for $119 million, to better serve its European customers.[21] In October 2011, Sealed Air acquired Diversey Holdings, Inc.[20]

In October 2017, Sealed Air acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam.[22] Sealed Air Corporation acquired AFP, a leading, privately held fabricator of foam, corrugated, molded pulp and wood packaging solutions in August 2018. AFP specializes in custom-engineered packaging for retail, e-commerce and direct shipping applications. According to Kenneth P. Chrisman, President of Sealed Air's Product Care division, “With the acquisition of AFP, coupled with our 2017 acquisition of Fagerdala, Sealed Air will further expand its capability to provide fabricated designs directly to customers in markets such as electronics and transportation. Sealed Air will also continue to leverage its established network of strategic fabricator partners, which remains an integral part of the company’s strategy to deliver custom high-performance, sustainable packaging solutions.”[23]

Company operations

Sealed Air’s Food Care Division makes packaging for the food and beverage industry.[2]

Sealed Air’s Product Care Division produces protective and specialty packaging materials for a wide range of goods.[2][3]

Brands

Bubble Wrap

Initially created as a failed wallpaper, Bubble was subsequently used as a greenhouse insulator.[10] Finally, it took on its best-known use as a packaging material.[10] In its earliest form, Bubble Wrap suffered from leaky bubbles, but by the mid 1960s a special coating was developed to prevent the bubbles from losing air.[10] In 1969, Sealed Air reported $4 million in sales, mostly attributed to Bubble Wrap, as it was still a proprietary product at that time.[10]

Cryovac

Cryovac is a thin plastic, used to shrink or wrap objects.[24] Depending on the type of job required of it, the plastic comes in a variety of thickness and durability.[24]

One of the uses of Cryovac is to wrap food.[25] Once wrapped, most of the air in the package is removed to prevent oxidation and inhibit the growth of most pathogens.[25] This process also gives food a longer shelf life in the refrigerator or freezer and makes freezer burn nearly impossible.[25] Cryovac Inc., a South Carolina-based company, created this product in the 1950 to extend the shipping distance of freshly slaughtered turkeys for Thanksgiving and Christmas.[25]

References

  1. ^ a b "Sealed Air Corporation". Morningstar. Retrieved February 28, 2014.
  2. ^ a b c d "Form 10-K (2012)". Securities and Exchange Commission. Retrieved November 21, 2013.
  3. ^ a b c d Michael Burke (October 16, 2013). "Sealed Air CEO sees higher profits in next three years". Journal Times.
  4. ^ "Sealed Air Corporation". New York Times. Retrieved November 21, 2013.
  5. ^ "Sealed Air". Fortune Magazine. Retrieved November 21, 2013.
  6. ^ a b c "Alfred W. Fielding '39 Co-invented Bubble Wrap Stevens Schaefer School of Engineering and Science". Schaefer School of Engineering and Science. Archived from the original on January 8, 2014. Retrieved November 21, 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  7. ^ a b c Monte Burke (April 26, 2006). "Wrap Star". Forbes. Retrieved November 21, 2013.
  8. ^ a b c d e Patrick Seitz (August 4, 2011). "Alfred Fielding Packaged His Invention Just Right". Investor’s Business Daily. Retrieved November 21, 2013.
  9. ^ a b c "14 Investors We Love". Inc. Magazine. Retrieved November 21, 2013.
  10. ^ a b c d e f g h i j k l m n o p "Sealed Air Corp Facts, information, pictures Encyclopedia.com articles about Sealed Air Corp". Encyclopedia.com. Retrieved November 21, 2013.
  11. ^ a b c "T. J. Dunphy - Forbes". Forbes Magazine. Retrieved November 21, 2013.
  12. ^ "Kildare Enterprises". Kildare Enterprises. Retrieved November 21, 2013.
  13. ^ a b c "William Hickey - Forbes". Forbes Magazine. Retrieved November 21, 2013.
  14. ^ John Barylick (2012). Killer Show: The Station Nightclub Fire, America's Deadliest Rock Concert. UPNE. pp. 215–. ISBN 978-1-61168-265-6.
  15. ^ a b c d "Jerome Peribere - Forbes". Forbes Magazine. Retrieved November 21, 2013.
  16. ^ "Sealed Air Corp. moving headquarters to Charlotte, bringing nearly 1,300 jobs". Retrieved 15 August 2018.
  17. ^ "CEO who moved Bubble Wrap maker to Charlotte retiring at year end". charlotteobserver. Retrieved 2018-07-27.
  18. ^ a b "Instapak® Foam in Place Packaging Synergy Packaging". Synergy Packaging. Retrieved November 21, 2013.
  19. ^ "Sealed Air Corporation". YCharts. Retrieved November 21, 2013.
  20. ^ a b "COMPANY NEWS; W.R. GRACE AND SEALED AIR LOSE RULING IN FRAUD SUIT". New York Times. July 31, 2002. Retrieved November 21, 2013.
  21. ^ "COMPANY NEWS; INVENTOR OF BUBBLE-WRAP PLASTIC TO EXPAND IN EUROPE". New York Times. June 29, 2000. Retrieved November 21, 2013.
  22. ^ "Sealed Air to Acquire Asian Specialty Foam Business". Sealed Air. Retrieved 2018-07-27.
  23. ^ https://sealedair.com/media-center/news/sealed-air-acquires-afp
  24. ^ a b "Shrink Film Products". McLeod & Dewey. Retrieved November 21, 2013.
  25. ^ a b c d Jane Lear (May 29, 2013). "Jane Says: Vacuum-Packing Is the Easiest DIY Preserving Method". Retrieved November 21, 2013.
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