Sealed Air Corp. has completed the sale of its North American foam trays and absorbent pads business to NOVIPAX, a portfolio company of Atlas Holdings LLC.
The sale includes Sealed Air’s manufacturing facilities in Paxinos and Reading, PA, Indianapolis, IN, Rockingham, NC and Grenada, MS. In 2014, Sealed Air’s North American foam tray and absorbent pads businesses generated approximately $214 million in sales to the company’s food care division.
“The decision to divest foam trays and absorbent pads is another step in how we Re-Imagine Sealed Air and our commitment to a disciplined approach to portfolio management,” says Jerome A. Peribere, president and CEO of Sealed Air. “As we increase our focus on innovation and differentiation in the flexible packaging industry, the decision to divest trays and pads aligns with our overall strategy and we are confident NOVIPAX is the right strategic buyer to further expand and grow this business.”
Sealed Air Corp.