Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, reported sales for the fourth quarter were $2.1 billion, up 70 percent over the same period a year ago, primarily a result of the impact of completion of the Diversey acquisition. Excluding Diversey, sales increased 4 percent. The company recorded a fourth-quarter loss of $49.3 million, compared to year-ago profit of $51.3 million.
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For the full year 2011, sales were $5.6 billion, up 26 percent year over year. Excluding the impact of Diversey, sales were up 8 percent. Profit fell 42 percent to $149.1 million.
\”Our results for the fourth quarter reflect solid performance in our legacy Sealed Air business in a challenging economic environment, coupled with the successful completion of our Diversey acquisition,\” said William V. Hickey, president and CEO. \”In the legacy businesses, our continued focus on our strategic growth programs, developing region expansion and margin improvement helped to drive improved free cash flow above expectations, strengthening our ability to pay down debt and drive earnings growth going forward.\”