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Sealed Air buying Fagerdala Singapore in $100 million deal

By Jim Johnson | PLASTICS NEWS

Sealed Air Corp. is acquiring a polyethylene foam maker in a $100 million move that enhances the company's manufacturing and presence in Asia.

The move for Fagerdala Singapore Pte. Ltd. adds 14 manufacturing facilities and brings more than 1,300 employees in China, Thailand, Singapore, Malaysia, Mexico and the United States, Sealed Air said in a news release.

Fagerdala sales were about $80 million in 2016.

"With the acquisition of Fagerdala, we will significantly expand our presence and manufacturing footprint in Asia. Fagerdala has unique vertically integrated operations in the Asian market that will allow us to expand their business beyond foam and offer our combined customer base a full portfolio of differentiated solutions, such as automated fulfillment systems," said Kenneth Chrisman, president of the company's Product Care division, in a statement.

Fagerdala Chairman Paul Yeo, in a statement, called the combination "a perfect match with the right mix and balance of synergies.

"We will be able to respond even more rapidly to our customers globally," he said.

Sealed Air, aside from the geographic expansion, also will "leverage the Fagerdala's manufacturing footprint in Asia, expertise in foam manufacturing and fabrication, and commercial organization to grow sales in the consumer electronics, medical equipment and devices, automotive, temperature assurance, and electronic commerce fulfillment sectors," the company said.

Charlotte, N.C.-based Sealed Air, which has the well-known Cryovac and Bubble Wrap brands, had sales of $4.2 billion in 2016. The company currently has about 14,000 employees.

The all-cash acquisition of Fagerdala is expected to close in October.

 

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