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Sealed Air Sales Grow 6% in Second Quarter

Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported second quarter sales of $1.09 billion, an increase of 6 percent over second quarter 2009. Profit for the manufacturer of packaging and performance-based materials increased 11 percent to $67 million.

For the first six months, sales were $2.15 billion, up 7 percent from the same period a year ago. Profit improved 8 percent to $128.1 million.

Protective Packaging segment sales increased 12% on a constant dollar basis from higher volumes, led by increased demand in North America and Europe. Operating profit increased 39% to $45 million, or 14.1% of net sales.

Sales in the Food Packaging segment decreased 2% on a constant dollar basis, with approximately 3% lower price/mix due to the timing of North American contract price adjustments for resin. Volumes were higher by 2%, led by increased demand in Latin America and Europe.

Food Solutions segment sales increased 1% on a constant dollar basis from higher volumes as demand increased in all regions.

Sales in the Other category increased 5% on a constant dollar basis from higher volumes, led by a 15% volume increase in the Specialty Materials business.

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