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Sealed Air is like the **3M** of specialized packaging, providing the innovative materials and equipment—from Bubble Wrap to advanced food preservation films—that protect products and food throughout the supply chain.

Sealed Air is like the **'Intel Inside'** for protective packaging, supplying the essential materials like Bubble Wrap and Cryovac films that ensure your packages arrive safely and your food stays fresh.

Sealed Air is like a specialized **Dow Chemical** or **DuPont** focused entirely on protective and food packaging materials, inventing and manufacturing the films, foams, and equipment that keep goods safe from the factory to your door.

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• Integrated Food Packaging Solutions: Provides packaging materials and automation equipment to ensure food safety, extend shelf life, and reduce waste for food processors.
• Protective Packaging Solutions: Offers a variety of packaging materials, including foam, inflatable, suspension, and temperature assurance solutions, to protect goods for e-commerce, consumer goods, pharmaceutical, and industrial markets.

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Sealed Air (SEE) primarily sells its solutions to other companies (B2B). The company's major customers can be categorized as follows:

• Food Processors: These include companies in the fresh red meat, smoked and processed meats, poultry, seafood, plant-based, and dairy markets that utilize Sealed Air's packaging materials and automation equipment for food safety, shelf life extension, and process optimization.
• Supply Distributors: These partners help distribute Sealed Air's protective packaging solutions to various end-users.
• Fabricators, Original Equipment Manufacturers (OEMs), and Contract Manufacturers: These companies incorporate Sealed Air's protective solutions into their own products or services, serving markets such as e-commerce, consumer goods, pharmaceutical and medical devices, and industrial manufacturing.
• Logistics Partners and E-commerce/Fulfillment Operations: Businesses involved in shipping, logistics, and online order fulfillment use Sealed Air's protective packaging to safeguard goods during transit.

The provided background information does not name specific major customer companies that are public entities with their symbols.

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Dustin Semach, President and Chief Executive Officer

Mr. Semach was promoted to President and Chief Executive Officer of Sealed Air in February 2025. He joined Sealed Air as CFO in early 2023 and served as Interim Co-President and Co-CEO from October 2023 to June 2024. Prior to joining Sealed Air, he served as CFO at TTEC, a public global customer experience technology and services provider, from 2020 to 2023. From 2019 to 2020, he was CFO at Rackspace Technology, a public cloud services provider, where he led the company through its initial public offering in 2020.

Kristen Actis-Grande, Chief Financial Officer

Ms. Actis-Grande joined Sealed Air as Chief Financial Officer, effective August 25, 2025. Before joining Sealed Air, she served for five years as Executive Vice President and Chief Financial Officer of MSC Industrial Supply Co. Prior to MSC, she spent 17 years with Ingersoll Rand in various finance leadership roles.

Jason Brummett, Vice President and Chief Information Officer

Jason Brummett serves as the Vice President and Chief Information Officer at Sealed Air.

Byron Racki, President of Protective

Byron Racki is the President of Protective at Sealed Air. He received an accelerated bonus in December 2025.

Russell Grissett, President of Food

Russell Grissett serves as the President of Food at Sealed Air.

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Key Risks to Sealed Air (SEE)

Sealed Air Corporation, a global provider of packaging solutions, faces several key risks to its business operations and financial performance. These risks stem from evolving market dynamics, environmental concerns, and broader economic conditions.

The most significant risk to Sealed Air's business is the increasing pressure from **sustainability initiatives and environmental regulations**, particularly concerning plastic packaging. There is a global push against single-use plastics and a growing demand for recyclable, reusable, or fiber-based solutions. This trend directly impacts Sealed Air's product portfolio, especially in its Protective segment, which traditionally relies heavily on plastic materials like bubble wrap. The company is actively working to design 100% of its packaging solutions to be recyclable or reusable by 2025 and aiming for net-zero carbon dioxide emissions by 2040 to mitigate these risks. However, failure to adapt quickly enough to changing consumer preferences and regulatory landscapes could lead to reduced demand, increased compliance costs, and potential loss of market share.

Closely related to the sustainability pressures is the **persistent weakness and decline in the Protective segment**. This segment, which provides solutions for e-commerce, consumer goods, and industrial manufacturing, has experienced declining volumes for several years. This decline is largely attributed to the shift away from plastic packaging and evolving void-fill requirements in e-commerce. Continued underperformance in the Protective segment poses a significant risk to the company's overall profitability and financial targets, potentially diverting resources from other growth opportunities.

Furthermore, Sealed Air operates in a **cyclical industry, making it vulnerable to macroeconomic uncertainties and shifts in consumer and industrial demand**. Economic slowdowns, recessions, and reduced consumer spending directly impact the demand for packaging solutions across both its Food and Protective segments. This can result in lower sales volumes and increased pricing pressure, negatively affecting profit margins. While the company's management has expressed expectations for market normalization in the latter half of 2023 (as per a June 2023 analysis), ongoing volatility in factors like consumer sentiment, industrial production, and specific end markets (e.g., U.S. beef production) remains a significant risk.

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The accelerating global trend toward reducing reliance on single-use plastics and the increasing demand for sustainable, compostable, or reusable packaging alternatives directly threaten Sealed Air's core business, which is heavily invested in traditional plastic-based packaging materials across its Food and Protective segments.

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1. Growth in the Global Food Packaging Market: Sealed Air's Food segment is positioned to benefit from the projected expansion of the global food packaging market. This market is valued at $362.9 billion and is anticipated to reach $565.4 billion by 2030, representing a compound annual growth rate (CAGR) of 5.7%. The demand for solutions providing food safety, security, and shelf-life extension continues to be a significant tailwind for the company.

2. Expansion in Automated Protective Solutions: The company's Automated Protective Solutions segment, which constituted approximately 35% of its business as of June 2023, is a key growth area. This segment targets diverse customers, including e-commerce, consumer goods, pharmaceutical, and industrial manufacturing markets, with an estimated addressable market of $15 billion. Sealed Air is actively working to expand and optimize its existing portfolio while increasing market penetration in this high-potential area.

3. Growth in Liquid Packaging Sales: Sealed Air has identified liquid packaging as an area with significant growth potential, with management previously targeting sales to reach $1 billion by 2027. This focus on liquid packaging represents a deliberate strategy to expand within a specialized and growing product category.

4. Strategic Rotation into Retail and Food Service End Markets: Sealed Air is intentionally making a strategic rotation into the retail and food service end markets within its food business. This involves applying a successful transformation playbook developed in its protective business to capture new growth opportunities in these specific channels.

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Share Repurchases

• The Board of Directors authorized a share repurchase program of up to $1,000.0 million on October 28, 2021.
• As of March 31, 2025, $658.9 million of share repurchase availability remained under the 2021 program.
• Annual share repurchases were approximately $79.9 million in 2023, $280.09 million in 2022, and $225.97 million in 2021.

Share Issuance

• Sealed Air's shares outstanding saw a 0.76% increase in 2024 to 0.146 billion from 2023.
• Shares outstanding declined by 1.7% in 2023 to 0.145 billion from 2022.
• In 2022, shares outstanding decreased by 3.28% to 0.147 billion from 2021.

Inbound Investments

• Sealed Air entered into a definitive agreement to be acquired by funds affiliated with Clayton, Dubilier & Rice (CD&R) in an all-cash transaction with an enterprise value of $10.3 billion, announced on November 17, 2025.
• Under the terms of the agreement, stockholders will receive $42.15 per share in cash, representing a 41% premium to the company's unaffected stock price as of August 14, 2025.
• The transaction was unanimously approved by Sealed Air's Board of Directors and subsequently by stockholders on February 25, 2026, with closing expected in mid-2026 subject to regulatory clearances.

Outbound Investments

• Sealed Air acquired Liqui-Box for $1.15 billion in November 2022, a provider of sustainable flexible liquid packaging solutions.
• The acquisition of Liqui-Box was intended to complement Sealed Air's existing Cryovac Fluids & Liquids business.
• Sealed Air also acquired foxpak in February 2022 for an undisclosed amount.

Capital Expenditures

• Capital expenditures were $170 million during full year 2025.
• Capital expenditures were $220 million during full year 2024.
• Capital expenditures were $244 million in 2023, $237.3 million in 2022, and $213.1 million in 2021.