Sealed Air Updates First Quarter Sales and Earnings Outlook


SADDLE BROOK, N.J., March 30, 2001 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE) announced today that, based on the combination of disruption in meat supply and reduced beef consumption principally in Europe, as well as the further softening of economic conditions in many countries, the Company expects little change in net sales for the first quarter compared to the prior year period. The Company noted that its food packaging sales are being affected by disruption in meat supply caused by the recent outbreak and continuing spread of foot-and-mouth disease and concerns over mad cow disease in parts of Europe. Increased sales of packaging materials for alternate meat proteins, such as poultry, have partially offset the sales shortfall. As a result of the sales level, combined with continuing high raw material and other energy-related costs, the Company currently expects to report earnings per common share, assuming conversion of the Company's outstanding preferred stock, in the range $0.35 to $0.40 for the first quarter of 2001.

William V. Hickey, President and Chief Executive Officer, commented, "Although a number of external factors are adversely affecting our near term sales and earnings, the underlying strength of our business and our market position are unchanged. We continue to add new customers, new applications and new products. For example, our case ready offering continues to grow at a double-digit rate.

"The continuing disruption in meat supply and consumption and the sluggish global economy are likely to adversely affect our results beyond the first quarter. In view of these external factors, our results for the remainder of 2001 may not reach our previously stated outlook. We are taking action to look at new ways to grow our business and to reduce costs. I am confident that we are taking all the necessary steps to build on our leadership position and return to our targeted growth rate when external conditions improve."

Sealed Air is a leading global manufacturer of a wide range of food, protective and specialty packaging materials and systems. For more information about Sealed Air Corporation, please visit the Company's Web site at www.sealedair.com.

Certain statements made by the Company in this press release are forward-looking statements. These statements include comments as to the Company's beliefs and expectations as to future events and trends affecting the Company's business. These forward-looking statements are based upon management's current expectations concerning future events and trends and are necessarily subject to uncertainties, many of which are outside the control of the Company. The factors stated under the heading "Forward-Looking Statements" in Management's Discussion and Analysis of Results of Operations and Financial Condition, which appears in the Company's Annual Report on Form 10-K for the year ended December 31, 2000, could cause actual results to differ materially from such statements.



            

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