Sealed Air Corp., Elmwood Park, NJ, reported first quarter 2009 sales of $988 million, down 16% from first quarter 2008. Profit declined 4.4% to $58.1 million.
The Food Packaging segment's first quarter sales decreased 9% to $424 million, primarily reflecting favorable product price/mix in North America and Latin America.
Food Solutions' first quarter sales decreased 13% to $205 million.
First quarter sales in the Protective Packaging segment decreased 25% to $280 million.
We continue to anticipate ongoing weak global economic conditions through at least the third quarter and have assumed a slow recovery starting at the end of the year and into 2010, said William V. Hickey, president and CEO. "While the economy remains unpredictable, we believe we've seen a leveling off of inventory de-stocking in our protective packaging business, but remain cautious about any near term rise in global manufacturing rates. We do anticipate a seasonal increase in meat demand over the summer months in our food businesses. "
Sealed Air is a manufacturer of packaging and performance-based materials and equipment systems that serve an array of food, industrial, medical, and consumer applications.