Sealed Air

Last updated

Sealed Air Corporation
SEE
Company type Public company
Industry Packaging
Founded1960;64 years ago (1960) in Saddle Brook, New Jersey, U.S.
Founders
  • Alfred W. Fielding
  • Marc Chavannes
Headquarters Charlotte, North Carolina, U.S.
Number of locations
200+
Area served
Global
Key people
Emile Chammas (interim co-CEO), Dustin Semach (interim co-CEO)
Brands
  • Bubble Wrap
  • Cryovac
  • Autobag
  • Sealed Air
  • Liquibox
  • Nexcel
  • prismiq
Revenue US$4.79 billion (2019) [1]
US$578.5 million (2019) [1]
US$263 million (2019) [1]
Total assets US$5.77 billion (2019) [1]
Number of employees
16,500 [1]  (2019)
Website sealedair.com

SEE, legally the Sealed Air Corporation, is a packaging company known for its brands: Cryovac food packaging and Bubble Wrap cushioning packaging. [2] [3] [4] Headquartered in Charlotte, North Carolina, United States, Chief Operating Officer Emile Chammas and Chief Financial Officer Dustin Semach currently serve as interim co-President and co-CEO. [3] [5]

Contents

History

In 1957, American engineer Alfred W. Fielding and Swiss inventor Marc Chavannes sought to invent plastic wallpaper with a paper backing. [6] [7] [8] [9] While the wallpaper failed, Fielding and Chavannes realized that their invention could be a packing material. [6] [8] [9] Sealed Air was founded in 1960 based on this invention of Bubble Wrap. [6] [7] [8] [9] The same year, Sealed Air raised $85,000 (equivalent to $840,000in 2022) 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]

Shortly after a 1998 business restructuring of the global conglomerate W.R. Grace Company-Conn, the original Sealed Air was merged into Grace subsidiary W. R. Grace & Co. NY, and the surviving company was named W. R. Grace & Co. Soon this W.R. Grace & Co renamed itself Sealed Air, the name of the current entity, but now a vastly larger corporation due to the Grace components. Years later, in 2002, this Sealed Air Corporation was required to pay to W. R. Grace Company-Conn $728 million to settle [11] bankruptcy and fraud allegations brought against the original merger. T.J. Dermot Dunphy served as CEO from 1971 to 2000. [8] [10] [12] An Oxford University graduate who received his MBA from Harvard Business School, he became chairman of Kildare Enterprises, LLC in November 2000 after leaving Sealed Air. [10] [12] During his tenure at Sealed Air, sales grew from $5 million to $3 billion. [13] [14]

William Hickey served as CEO from 2000 to March 2013. [15] He previously 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. [15] Before working for Sealed Air, he was CPA at Arthur Young and CFO of W. R. Grace and Company's Latin American operations. [15]

After the Station nightclub fire in 2003, victims' lawyers suggested that Sealed Air had produced some of the foam that was ignited in the fire. Sealed Air paid $25 million to victims in civil settlements, but did not admit wrongdoing. [16] [17]

In March 2013, Jérôme Péribère took over as CEO and president of Sealed Air. [18] He obtained his business economics and finance degree from Sciences Po in Paris, France. [18] He previously served as president and COO of Sealed Air before taking over as CEO, and prior to joining Sealed Air, he worked in several managerial roles with the Dow Chemical Company from 1977 to 2012. [18]

On July 23, 2014, Sealed Air announced that it would be moving its global headquarters to Charlotte, North Carolina. [19] In January 2018, Ted Doheny took over as CEO. [5]

In May 2023, the corporation announced that it would adopt the corporate brand SEE, while retaining the legal name of Sealed Air Corporation. [2]

In October 2023, Ted Doheny stepped down as CEO. Emile Chammas, Chief Operating Officer and Dustin Semach, Chief Financial Officer served as interim co-Presidents and co-CEOs. [20]

Acquisitions

In 1970, Sealed Air acquired Smith Packaging Ltd., which was later renamed Sealed Air of Canada, Ltd., marking Sealed Air's first international move. [10] In 1971, Sealed Air began marketing a new product; by laminating the AirCap cushioning to paper, the company now had Mail Lite padded shipping envelopes. [10]

In 1973, Sealed Air began marketing Ply-Mask, a pressure-sensitive polyethylene film used to protect delicate surfaces from scratches and the company's first product not based on its bubble technology. [10] The 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 an expanding polyurethane foam that comes in a variety of densities. 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] [21]

Sealed Air acquired Cellu Products Co. and Dri-Loc in 1983, Jiffy in 1987, Sentinel in 1991, Trigon Packaging NZ in 1993, and the Shurtuff Division of Shuford Mills, Inc. in 1993. [10] [22] In 1994, Sealed Air followed up with the further acquisitions of Hereford Paper and Allied Products Ltd., Sup-Air-Pack, Fill Air, and packaging companies based in Norway, France, and Italy.

In 1998, Sealed Air was acquired and merged with the Cryovac Division of W.R. Grace for a $4.9 billion stock trade, and spun off from the Grace parent holding company as W. R. Grace, Inc. That corporation changed its name to the current Sealed Air. [7] [23] In June 2000, Sealed Air purchased Dolphin Packaging for $119 million, to better serve its European customers. [24] In October 2011, Sealed Air acquired Diversey Holdings, [23] until its acquisition by Bain Capital in September 2017. [25]

In October 2017, Sealed Air acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam. [26]

Operations

Sealed Air's food care division makes packaging for the food and beverage industry, while its product care division produces protective and specialty packaging materials for a wide range of goods. [27] [3]

Brands

Bubble Wrap brand

Initially created as a failed wallpaper, Bubble Wrap 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 brand

Cryovac is a thin plastic, used to shrink or wrap objects. Depending on the type of job required of it, the plastic comes in a variety of thickness and durability. [28]

One of the uses of Cryovac is to wrap food. Once wrapped, most of the air in the package is removed to prevent oxidation and inhibit the growth of most pathogens. This process also gives food a longer shelf life in the refrigerator or freezer and makes freezer burn nearly impossible. [29] 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. [29]

Related Research Articles

<span class="mw-page-title-main">Waxed paper</span> Treated type of paper

Waxed paper is paper that has been made moisture-proof and grease-proof through the application of wax.

<span class="mw-page-title-main">Unilever</span> British multinational consumer goods company

Unilever PLC is a British multinational fast-moving consumer goods company founded on 2 September 1929 following the merger of British soap maker Lever Brothers and Dutch margarine producer Margarine Unie. It is headquartered in London.

<span class="mw-page-title-main">Wham-O</span> American toy company

Wham-O Inc. is an American toy company based in Carson, California, United States. It is known for creating and marketing many popular toys for nearly 70 years, including the Hula hoop, Frisbee, Slip 'N Slide, Super Ball, Trac-Ball, Silly String, Hacky sack, Wham-O Bird Ornithopter and Boogie Board, many of which have become genericized trademarks.

<span class="mw-page-title-main">Shrink wrap</span> Polymer used to bundle boxes on a pallet for transport

Shrink wrap, also shrink film, is a material made up of polymer plastic film. When heat is applied, it shrinks tightly over whatever it is covering. Heat can be applied with a handheld heat gun, or the product and film can pass through a heat tunnel on a conveyor.

Hefty is an American brand of household products such as trash bags and trash cans, disposable tableware, children's disposable tableware, slider closure food storage and freezer bags, plastic storage bins, and disposable cookware. Originally a Mobil product, the brand has been owned by Reynolds Consumer Products since 2010.

Saran is a trade name used by S.C. Johnson & Son, Inc. for a polyethylene food wrap. The Saran trade name was first owned by Dow Chemical for polyvinylidene chloride (PVDC), along with other monomers. The formulation was changed to the less effective polyethylene in 2004 due to the chlorine content of PVDC.

Beatrice Foods Company was a major American food processing company founded in 1894. Over the years, Beatrice owned many well-known brands such as Tropicana, Dannon, Krispy Kreme, Jolly Rancher, Orville Redenbacher's, Swiss Miss, Peter Pan, Martha White, Playtex, La Choy, Samsonite and Avis Car Rental.

<span class="mw-page-title-main">Berry Global</span> Plastic packaging manufacturer

Berry Global Group, Inc. is a Fortune 500 global manufacturer and marketer of plastic packaging products. Headquartered in Evansville, Indiana, it has over 265+ facilities across the globe and more than 46,000+ employees With $14+ billion in revenues in fiscal year 2022, the company is one of the largest Indiana headquartered company in Fortune Magazine’s ranking. The company changed its name from Berry Plastics to Berry Global in 2017.

<span class="mw-page-title-main">W. R. Grace and Company</span> American chemical company

W. R. Grace and Co. is an American chemical business based in Columbia, Maryland. It produces specialty chemicals and specialty materials in two divisions: Grace Catalysts Technologies, which makes catalysts and related products and technologies used in petrochemical, refining, and other chemical manufacturing applications, and Grace Materials and Chemicals, which makes specialty materials, including silica-based and silica-alumina-based materials, used in pharmaceutical/consumer, coatings, and chemical process applications.

<span class="mw-page-title-main">Paper cup</span> Cup mostly made of paper or card

A paper cup is a disposable cup made out of paper and often lined or coated with plastic or wax to prevent liquid from leaking out or soaking through the paper. It may be made of recycled paper.

<span class="mw-page-title-main">Dover Corporation</span> American industrial conglomerate corporation

Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under "DOV". Dover was ranked 433rd in the 2022 Fortune 500. The company relocated its headquarters to Illinois from New York in mid-2010.

<span class="mw-page-title-main">Diversey Holdings</span>

Diversey Holdings, Ltd. is an American provider of cleaning and hygiene products.

<span class="mw-page-title-main">Package cushioning</span> Protective packaging

Package cushioning is used to protect items during shipment. Vibration and impact shock during shipment and loading/unloading are controlled by cushioning to reduce the chance of product damage.

<span class="mw-page-title-main">Padded envelope</span> Envelope with protective padding to protect items during shipping

A padded envelope, also known as a padded or cushioned mailer, or jiffy bag in the United Kingdom, is an envelope incorporating protective padding to protect items during shipping. The padding is usually thick paper, bubble wrap, or foam.

<span class="mw-page-title-main">Disposable food packaging</span>

Disposable food packaging comprises disposable products often found in fast-food restaurants, take-out restaurants and catering establishments. Typical products are foam food containers, plates, bowls, cups, utensils, doilies and tray papers. These products can be made from a number of materials including plastics, paper, bioresins, wood and bamboo.

<span class="mw-page-title-main">Bubble wrap</span> Packing material

Bubble wrap is a pliable transparent plastic material used for packing fragile items. Regularly spaced, protruding air-filled hemispheres (bubbles) provide cushioning for fragile items.

SPX Corporation is a supplier of highly engineered infrastructure equipment and technologies. The company operates within four markets: heating, ventilation, and air conditioning (HVAC), detection and measurement, power transmission and generation, and engineered solutions. Examples of SPX’s products include cooling towers and boilers, underground pipe and cable locators, power transformers, and heat exchangers. Brands include Waukesha, Dielectric, Fahrenheat, Radiodetection, and Pearpoint. SPX operates in 17 countries with a sales presence in 100 countries. In 2019, the company earned approximately $1.5 billion in annual revenue. Based in Charlotte, North Carolina, SPX employs over 6,000 employees. Eugene Joseph Lowe is the CEO.

<span class="mw-page-title-main">Bubble Wrap (brand)</span> Trademarked brand

Bubble Wrap is a trademarked brand of Sealed Air Corporation that includes numerous cushioning products made from bubble wrap. The brand is produced by the Product Care division of Sealed Air. Both the Bubble Wrap brand and product were introduced in 1960, with the launch of Sealed Air. Although the brand was originally used for the packaging of IBM computers, Sealed Air now does most of its Bubble Wrap business in the food packaging industry.

<span class="mw-page-title-main">Munchkin (company)</span> American infant and toddler products company

Munchkin, Inc. is a privately-held company headquartered in Van Nuys, California known for designing, developing, manufacturing and distributing infant and toddler products. It was founded in 1991 by Steven B. Dunn, its CEO.

<span class="mw-page-title-main">Ilham Kadri</span> French-Moroccan business executive

Ilham Kadri is a Moroccan business executive with a scientific background. Since March 1, 2019, she has been the CEO, chairwoman of the executive committee and a member of the Board of Directors of Solvay, a Belgian chemicals company.

References

  1. 1 2 3 4 5 "SEC Form 10-K For the fiscal year ended December 31, 2019". SEC.gov. U.S. Security and Exchange Commission. March 2, 2020. p. 30. Retrieved July 2, 2020.
  2. 1 2 "Sealed Air Announces New Corporate Brand SEE®". Business Wire. May 2, 2023.
  3. 1 2 3 Burke, Michael (October 16, 2013). "Sealed Air CEO sees higher profits in next three years". The Journal Times .
  4. ↑ "Sealed Air Corporation". The New York Times . Archived from the original on March 3, 2014. Retrieved November 21, 2013.
  5. 1 2 Rothacker, Rick (September 7, 2017). "CEO who moved Bubble Wrap maker to Charlotte retiring at year end". The Charlotte Observer . Retrieved July 27, 2018.
  6. 1 2 3 "Alfred W. Fielding '39 Co-invented Bubble Wrap Stevens Schaefer School of Engineering and Science". Stevens Institute of Technology - Charles V. Schaefer, Jr. School of Engineering and Science. Archived from the original on January 8, 2014. Retrieved November 21, 2013.
  7. 1 2 3 Burke, Monte (April 26, 2006). "Wrap Star". Forbes . Retrieved November 21, 2013.
  8. 1 2 3 4 5 Seitz, Patrick (August 4, 2011). "Alfred Fielding Packaged His Invention Just Right". Investor's Business Daily . Retrieved November 21, 2013.
  9. 1 2 3 "14 Investors We Love". Inc. Archived from the original on May 22, 2009. Retrieved November 21, 2013.
  10. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 "Sealed Air Corp". Encyclopedia.com . Retrieved November 21, 2013.
  11. ↑ 26
  12. 1 2 "T. J. Dunphy". Forbes . Archived from the original on May 7, 2013. Retrieved November 21, 2013.
  13. ↑ Kindy, David (January 23, 2019). "The Accidental Invention of Bubble Wrap". Smithsonian . Retrieved October 26, 2019.
  14. ↑ Petch, Michael (December 2, 2019). "The hype and rise of 3D printing and Avi Reichental". 3DPrintingIndustry.com. Retrieved December 17, 2019.
  15. 1 2 3 "William Hickey". Forbes . Archived from the original on November 22, 2013. Retrieved November 21, 2013.
  16. ↑ John Barylick (2012). Killer Show: The Station Nightclub Fire, America's Deadliest Rock Concert. UPNE. pp. 215–. ISBN   978-1-61168-265-6.
  17. ↑ "Packaging company settles in R.I. nightclub fire". NBC News. The Associated Press. June 13, 2008. Retrieved February 20, 2023.
  18. 1 2 3 "Jerome Peribere". Forbes . Archived from the original on December 25, 2014. Retrieved November 21, 2013.
  19. ↑ Dunn, Andrew (July 23, 2014). "Sealed Air Corp. moving headquarters to Charlotte, bringing nearly 1,300 jobs". The Charlotte Observer . Retrieved August 15, 2018.
  20. ↑ "SEE Announces Leadership Transition". Business Wire. October 23, 2023.
  21. ↑ "Instapak® Foam in Place Packaging Synergy Packaging". Synergy Packaging. Retrieved November 21, 2013.
  22. ↑ "Sealed Air Corporation". YCharts. Retrieved November 21, 2013.
  23. 1 2 "COMPANY NEWS; W.R. GRACE AND SEALED AIR LOSE RULING IN FRAUD SUIT". The New York Times . July 31, 2002. Retrieved November 21, 2013.
  24. ↑ "COMPANY NEWS; INVENTOR OF BUBBLE-WRAP PLASTIC TO EXPAND IN EUROPE". The New York Times . June 29, 2000. Retrieved November 21, 2013.
  25. ↑ Whitworth, Joseph James (September 5, 2017). "Sealed Air completes sale of Diversey Care to Bain Capital". Dairy Reporter. Retrieved December 24, 2019.
  26. ↑ "Sealed Air to Acquire Asian Specialty Foam Business". Sealed Air Corporation. Retrieved July 27, 2018.
  27. ↑ "Form 10-K (2012)". Securities and Exchange Commission. Retrieved November 21, 2013.
  28. ↑ "Shrink Film Products: Sealed Air, Cryovac Shrink Films". McLeod & Dewey Packaging. Archived from the original on June 16, 2010. Retrieved November 21, 2013.
  29. 1 2 Lear, Jane (May 29, 2013). "Jane Says: Vacuum-Packing Is the Easiest DIY Preserving Method". TakePart . Retrieved November 21, 2013.

11. Bloomberg News, as recorded in Baltimore Sun https://www.baltimoresun.com/news/bs-xpm-2002-11-30-0211300143-story.html

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.