ELMWOOD PARK, N.J. and GREEN ISLAND, N.Y., May 3, 2013 – Sealed Air Corporation (NYSE: SEE) and Ecovative Design LLC completed an agreement to expand their existing relationship in order to continue to accelerate the production, sales and distribution of Ecovative’s Mushroom® Packaging in Europe. Sealed Air plans to begin offering the products in Europe immediately.
Last year the two companies announced Sealed Air as the exclusive licensee for protective packaging in North America for Mushroom® Packaging, a new technology for rapidly renewable and environmentally responsible packaging materials made from agricultural byproducts and mycelium, or mushroom roots. In October 2012, Sealed Air launched Restore™ Mushroom® Packaging, its first commercialized product using Ecovative’s biomaterial technology.
“The agreement builds upon our successful, ground breaking relationship with Sealed Air and continues the overall momentum for providing an innovative and effective alternative to petrochemical based packaging on a much larger scale,” said Eben Bayer, CEO of Ecovative. “We are confident that we can extend this momentum into the European marketplace.”
“Ecovative has had a great deal of success using the unique properties of mycelium for protective packaging. We are looking forward to meeting the performance needs of potential European customers through a variety of packaging applications using this technology,” said Ryan Flanagan, President of Sealed Air’s Protective Packaging business. “Through our SmartLife™ commitment, we are reducing waste throughout the supply chain and helping our customers achieve their sustainability objectives by choosing the right solutions for the right needs, without sacrificing performance or cost competitiveness.”
Details of the transaction were not disclosed. Sealed Air does not expect the transaction to be material to its consolidated financial position or results of operations.
About Sealed Air Sealed Air is a global leader in food safety and security, facility hygiene and product protection. With widely recognized and inventive brands such as Bubble Wrap® brand cushioning, Cryovac® brand food packaging solutions and DiverseyTM brand cleaning and hygiene solutions, Sealed Air offers efficient and sustainable solutions that create business value for customers, enhance the quality of life for consumers and provide a cleaner and healthier environment for future generations. Sealed Air generated revenue of approximately $7.6 billion in 2012, and has approximately 25,000 employees who serve customers in 175 countries. To learn more, visit www.sealedair.com.
About Ecovative Founded in 2007, Ecovative is a materials science company developing a new class of home-compostable bioplastics based on mycelium, an organism akin to a living polymer. Ecovative’s high-performance products serve as environmentally responsible alternatives to traditional foam packaging, insulation, and other plastic-based materials. Ecovative was incubated at Rensselaer Polytechnic Institute. Rensselaer, together with 3M Company and the DOEN Foundation, are significant investors in Ecovative. Ecovative has been recognized with numerous international awards for sustainability and “green” technologies, and was named a Tech Pioneer at the 2011 World Economic Forum in Davos, Switzerland. Ecovative’s growth has been fueled by grants, prizes, and support from key partners including the New York State Energy Research and Development Authority, the National Science Foundation, the U.S. Department of Agriculture, the Environmental Protection Agency, and the National Collegiate Inventors and Innovators Alliance. For more information, visit www.ecovativedesign.com, and follow @ecovative on Twitter.
Forward-Looking Statements
Company statements in this press release may be forward-looking. These statements include comments as to future events that may affect the Company, which are based upon management's current expectations and are subject to uncertainties, many of which are outside the Company's control. Forward-looking statements can be identified by such words as "anticipates," "expects," "will" and similar expressions. A variety of factors may cause actual results to differ materially from these expectations, including: economic conditions affecting packaging utilization; changes in raw material costs; currency translation effects; and legal proceedings. For more extensive information, see "Risk Factors" and "Cautionary Notice Regarding Forward-Looking Statements," which appear in Sealed Air's most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as may be revised and updated by Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
