Sealed Air Corp., Elmwood Park, NJ, reported second quarter 2009 sales of $1.03 billion, down 20% from the prior year period. Profit declined 3% to $60.5 million.
Year to date, sales were $2.01 billion, down 18% from second quarter 2008. Profit decreased 4% to $118.6 million.
Food Packaging segment second quarter sales decreased 14% to $449 million. Operating profit was $62 million in the quarter, about 10% higher than the prior.
Food Solutions’ second quarter sales decreased 15% to $220 million, primarily a result of lower unit volumes in Europe due to reduced meat consumption attributable to economic conditions. Operating profit was $22 million in the quarter, 22% higher than prior year.
Second quarter sales in the Protective Packaging segment decreased 28% to $282 million, relatively stable on a sequential basis. Operating profit was $33 million, down 34%.
Sales in the Other category decreased 29% to $77 million. Operating profit was essentially flat at $2 million.
Sealed Air is a manufacturer of a wide range of packaging and performance-based materials and equipment systems that serve an array of food, industrial, medical, and consumer applications.
