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Sealed Air reports rise in Q1 sales

PKBR Staff Writer Published 07 May 2012

US-based Sealed Air has reported a 70% increase in sales to $1.92bn for the first quarter of 2012 from a 66% increase related to the Diversey acquisition. The Food Packaging Segment sales increased by 3% with 2% higher price/mix largely from prior North and Latin American pricing actions.

Sealed Air said the segment's volumes increased by 1% from 6% growth in Australia/New Zealand and a 3% increase in Europe, the Middle East and Africa (EMEA), while volumes in North America decreased by 2% due to lower customer production rates and the unfavorable effect of a customer loss, which was reported previously.

The segment's operating profit decreased by 4% to $60m, or 12.3% of net sales due to $5m in charges relating to the closure of a plant.

Protective Packaging Segment reported a 3% increase in sales with 3% higher volumes. The company achieved 5% higher volumes in North America and volumes in EMEA declined by 3% due to economic weakness in southern Europe.

Sealed Air president and chief executive officer William Hickey commenting on the company's operating performance said, "We are quite pleased with the overall performance of our Food and Protective Packaging business segments, which achieved both volume and price/mix growth during the quarter."