The 2020 Mid-Year Economic Update_long

Sealed Air 1Q Sales Fall 16%

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. ...

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.

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