US Sealed Air sees modest 2010 resin price increases

25 January 2010 19:03  [Source: ICIS news]

HOUSTON (ICIS news)--US plastic packaging manufacturer Sealed Air on Monday said it expects sales growth of 4-6% in 2010 and resin cost increases in the mid-single-digit percentage range.

“Oil in the $70/bbl range becomes a manageable exercise,” said chief executive William Hickey during a conference call with investors.

He noted that the company had become accustomed to dealing with raw material cost volatility in the past few years.

Sealed Air is a large-volume converter of polyethylene (PE), polypropylene (PP) and polyurethane.

The packaging manufacturer expected double-digit sales growth for developing markets in 2010.

Hickey said the company was well-positioned in Asia and eastern Europe, and the Brazil region was under consideration as the next location for expansion.

“But we’ve made no commitments at this time,” he added.

Sealed Air posted 2009 net earnings of $244m (€173m), a 37% increase from $178m in 2008.

($1 = €0.71)

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By: David Barry
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