Sealed Air Corporation (NYSE:SEE) announced that it has entered into an agreement for the potential sale of its European food trays business to Faerch Plast A/S, a European food packaging solutions provider. The transaction will include Sealed Air's manufacturing facilities in Poole, UK and Bunol, Spain, and is contingent on customary closing conditions which are anticipated to occur in the fourth quarter of 2015.
Sealed Air's European food trays businesses generated approximately $71 million USD in sales for fiscal year 2014.
"As we continue to transform into a knowledge-based company, we want to ensure that our resources are dedicated to support our core businesses and to drive the development of disruptive technologies that will accelerate our growth opportunities. This transaction follows the sale of our North American foam tray and pads business in April 2015 and is aligned with our Get Fit/Change the Game strategy," said Jerome A. Peribere, President and Chief Executive Officer, Sealed Air.
