Sealed Air acquires Biosphere Industries

Sealed Air Corporation (NYSE: SEE) has acquired a majority interest in Biosphere Industries, LLC, a California based manufacturer of sustainable rigid packaging materials.

Biosphere is a late stage start-up company that has developed a proprietary process for manufacturing rigid packaging materials made from renewable resources. Sealed Air intends to use its technical resources to further develop Biosphere’s technology and product offering. Sealed Air expects to bring Biosphere sustainable packaging products for food and industrial packaging applications to the market during 2007.

“We are excited about the opportunity to further develop and commercialize sustainable packaging solutions that build upon Biosphere’s process and technology,” stated William V. Hickey, Sealed Air’s President and Chief Executive Officer. “We remain highly focused on developing innovative solutions that meet the growing market demand for environmentally friendly, sustainable packaging materials.”

The terms of the transaction were not disclosed. Sealed Air does not expect the transaction to be material to its consolidated financial statements.

Sealed Air is a leading global manufacturer of a wide range of food and protective packaging materials and systems including widely recognized brands like Bubble Wrap cushioning, Jiffy protective mailers and Cryovac food packaging products.