“As our raw materials costs continue to rise in 2014, we will remain steadfast to a pricing strategy to recover these costs,” said Jerome A. Peribere, president and CEO, Sealed Air. “In 2014 alone, suppliers of polyethylene (PE), nylon, and benzene, large inputs to our products, have announced significant price increases on top of significant increases in 2013. Most recently in North America, PE suppliers announced price increases of $0.04 effective Feb. 1, 2014, with further announced increases March 1, 2014. To date these increases range between 21 percent and 28 percent since Jan. 1, 2013. Benzene prices have increased 25 percent over the past three months and nylon is increasing $0.10 or 6 percent.”
Price increases for 2014 include:
• 8 percent increase on food packaging trays effective Feb. 3
• 5 percent increase on paper packaging systems effective March 1
• 5 percent to 8 percent increase on other protective packaging products effective March 1
• 3.5 percent increase on Food Care hygiene solutions effective March 3
• 4 percent to 6 percent on Food Care bags and rollstock effective March 24
Sealed Air reported revenues of approximately $7.7 billion in 2013 and employs 25,000 workers. The company's portfolio includes the Cryovac, Bubble Wrap and Diversey brands. Sealed Air Corp. works with customers in 175 countries.