Sealed Air Corporation announced price increases ranging from 4% to 9% for most products in the company’s Food Care and Product Care divisions in North America.
The actions taken today are the direct result of recent significant price increases announced last month by major petrochemical suppliers in the North American market, including most recently an increase on polyethylene (PE), a major raw material for the packaging industry, retroactive to Sept. 1. On a cumulative basis since last December, the PE suppliers have increased prices 16%, despite low ethane costs but tightening PE capacity utilizations. Sealed Air’s price increases will be effective as of Nov. 1 at the latest, or as allowed by existing contracts.
“The company is seeking to minimize the cost increases and their impact on our customers; however, we need to offset them through a responsible price policy that enables us to continue to invest in service and innovation and serve our customers long term,” said Jerome A. Peribere, Sealed Air president and CEO.