US – Sealed Air (SEE) has completed the US$1.15 billion acquisition of sustainable flexible packaging provider Liquibox.
Announced in November last year, the deal has now been completed on a cash and debt-free basis.
According to SEE, the acquisition is intended to expedite the growth of its CRYOVAC brand, which supplies packaging for fluids and liquids.
SEE president and CEO Ted Doheny said: “Today is an exciting day for SEE as we welcome the global team at Liquibox.
“This is a powerful combination, bringing together our people, cultures, solution portfolios and global footprints that will deliver more innovative and sustainable solutions to the customers and markets we serve.
“Finalizing this strategic acquisition is an important step in our journey to world-class status, fueling growth, expanding market penetration and driving earnings power for our SEE Operating Engine.”
Based in Richmond, Liquibox was previously owned by Olympus Partners. Under Olympus’ ownership, Liquibox has experienced significant growth including opening a state-of-the-art greenfield facility in Madrid, Spain.
The company’s products are used in the fresh food, beverage, consumer goods and industrial end markets.
Liquibox employs more than 1,300 team members operating across 18 locations in North America, Europe, Africa, Asia and Australia.
The company estimates 2022 full-year revenue of US$362M. Its Bag-in-Box business is comprised of fountain beverage syrup, milkshake mix, dairy, coffee, water, wine, liquid foods and industrial applications.
Meanwhile SEE provides protective packaging for various markets, including food and healthcare.
The company’s brands include CRYOVAC food packaging, Sealed Air protective packaging and AUTOBAG automated systems, as well as prismiq, which provides smart packaging and digital printing.
SEE has around 16,500 employees and generated US$5.5 billion in sales in 2021, reporting US$1.4 billion in net sales for the second quarter of last year.
SEE to post quarterly earnings on February 9
Elsewhere, Sealed Air is set to announce its earnings results before the market opens on Thursday, February 9th.
SEE last released its earnings results on November 1st. The industrial products company reported US$0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of US$0.91 by US$0.07.
The company had revenue of US$1.40 billion during the quarter, compared to analyst estimates of US$1.47 billion.
Sealed Air had a return on equity of 292.98% and a net margin of 10.02%. On average, analysts expect Sealed Air to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.
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