SADDLE BROOK, N.J., Dec. 5, 2000 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE) announced that it had completed the acquisition of Shanklin Corporation. Shanklin is a leading provider of high-performance shrink film packaging equipment. Sealed Air believes the Shanklin product line will complement its broad line of high-performance shrink films. Although terms of the deal were not disclosed, the transaction is not material to Sealed Air's consolidated financial position or operating results.
Commenting on the acquisition, William V. Hickey, President and Chief Executive Officer, stated, "We are pleased to welcome Shanklin's fine employees and products to our Company. We have worked with Shanklin for many years and have great respect for the way it has conducted business and for its high-quality product line. Both organizations have intense end-use customer focus and long histories of strong, successful relationships with distributors and other manufacturers of these products. We expect these relationships to continue in the future. The expanded product range will allow Sealed Air to enhance its ability to offer complete packaging solutions and develop innovative ways to address the packaging needs of our customers."
Sealed Air is a leading global manufacturer of a wide range of food, protective and specialty packaging materials and systems. To view the Company's latest financial news online via the World Wide Web, visit http://www.cfonews.com/see.