Sealed Air Corporation (SEE): History, Ownership, Mission, How It Works & Makes Money

When you think of Sealed Air Corporation (SEE), you probably picture the iconic Bubble Wrap, but how does a company with an expected 2025 net sales range of $5,275 million to $5,325 million stay relevant in a world demanding sustainable, not just protective, packaging? Honestly, the story is far more complex than just cushioning, especially now that the company is set to be acquired by private equity firm Clayton, Dubilier & Rice for a massive $10.3 billion total enterprise value. We're talking about a global packaging powerhouse whose Food and Protective segments are prooving their business model is built on more than just air, driving a full-year 2025 Adjusted EBITDA guidance between $1,120 million and $1,140 million.

Sealed Air Corporation (SEE) History

You need to understand the foundational DNA of Sealed Air Corporation (SEE) before you can properly value its current trajectory. The company's history is a classic American story of an accidental invention-Bubble Wrap-that pivoted into a global, multi-billion-dollar packaging powerhouse, culminating in a massive private equity deal in late 2025.

The key takeaway is that SEE has repeatedly transformed itself, moving from simple protective packaging to high-tech food and automation solutions, which is why its full-year 2025 net sales are projected to be between $5.275 billion and $5.325 billion.

Given Company's Founding Timeline

Year established

1960. The company was founded on the potential of a product originally intended as textured wallpaper.

Original location

Hawthorne, New Jersey, where the initial work took place in a garage. The company later moved its global headquarters to Charlotte, North Carolina, in 2014.

Founding team members

Alfred W. Fielding, an American engineer, and Marc Chavannes, a Swiss inventor. They were the pair who patented the air-cushioning material they initially called AirCap.

Initial capital/funding

The initial seed money was around $9,000 for production equipment, but the company quickly raised $85,000 through an initial public offering (IPO) in 1960 to really start production.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is marked by three strategic decisions that fundamentally changed its risk profile and market position. These weren't incremental changes; they were defintely tectonic shifts.

• The 1998 Cryovac Merger: This was the single most important pivot. The $4.9 billion deal instantly diversified SEE away from being a pure protective packaging play-vulnerable to economic cycles-into the more stable, non-discretionary food safety and packaging sector. It created the dual-segment structure (Food and Protective) you see today.
• The 2017 Strategic Refocus: Selling the Diversey Care division for $3.2 billion was a clear message to the market: we are a packaging and automation company, full stop. This move provided capital for deleveraging and investment in core areas like the 2019 Automated Packaging Systems acquisition.
• The 2025 Sustainability and Digital Mandate: SEE committed to designing 100% of its packaging to be recyclable or reusable by 2025, plus a net-zero carbon emissions goal by 2040. This isn't just PR; it's a necessary response to customer and regulatory pressure, and it drives their investment in new materials and their digital platform, prismiq. If you want to dive deeper into the current balance sheet implications of this strategy, you should check out Breaking Down Sealed Air Corporation (SEE) Financial Health: Key Insights for Investors.
• The November 2025 Private Equity Acquisition: The agreement with CD&R for a $10.3 billion enterprise value marks the end of SEE as a public company, which suggests the board and major shareholders believe the next phase of transformation-likely involving intense cost-cutting and accelerated strategic shifts-is better executed outside the quarterly scrutiny of the NYSE.

Here's the quick math on the recent activity: Sealed Air's trailing twelve months (TTM) revenue as of Q3 2025 was $5.33 billion, which means the acquisition values the company at nearly 2x TTM revenue, signaling a premium for its strategic assets and ongoing transformation.

Sealed Air Corporation (SEE) Ownership Structure

Sealed Air Corporation (SEE) is currently a publicly traded company on the New York Stock Exchange (NYSE), but its ownership structure is undergoing a profound change following a definitive agreement to be taken private. This high level of institutional control, with major asset managers holding significant stakes, is now in transition as the company prepares for a $10.3 billion acquisition.

Sealed Air Corporation's Current Status

You need to know that as of November 2025, Sealed Air Corporation is a public company, but that status is temporary. The Board of Directors has unanimously approved an all-cash acquisition by funds affiliated with CD&R (Clayton, Dubilier & Rice), a leading private investment firm, with an enterprise value of $10.3 billion.

This deal, priced at $42.15 per share, is expected to close by mid-2026, pending shareholder and regulatory approvals. Once complete, Sealed Air will delist from the NYSE and become a privately held entity, shifting control from a diverse base of public shareholders to a single private equity group. Honestly, the clock is ticking on its public ownership structure.

The company's financial performance in Q3 2025 showed net sales of $1.35 billion, and the full-year 2025 net sales forecast is between $5,275 million and $5,325 million, which is the backdrop for this major ownership shift.

Sealed Air Corporation's Ownership Breakdown

Before the transition to CD&R, institutional investors-like mutual funds and asset managers-hold the vast majority of the company's stock, a typical structure for a large-cap public company. Institutional ownership stands at approximately 94.40% of the shares outstanding as of the latest reports.

This concentration means that a small number of large financial institutions essentially control the voting power and have been the primary stakeholders driving the recent strategic decisions, including the sale. You can dive deeper into these major players by checking out Exploring Sealed Air Corporation (SEE) Investor Profile: Who's Buying and Why?

Sealed Air Corporation's Leadership

The company is steered by an executive team focused on executing the ongoing transformation strategy, which now includes managing the transition to private ownership. The leadership is responsible for delivering on the full-year 2025 Adjusted EBITDA outlook of $1,120 million to $1,140 million. Here's the quick math: hitting that target is defintely the key focus before the deal closes.

The current executive leadership team, as of November 2025, includes:

• Dustin Semach: President and Chief Executive Officer (CEO).
• Kristen Actis-Grande: Chief Financial Officer (CFO).
• Steve Flannery: President of Food.
• Byron Racki: President of Protective.
• Henry R. Keizer: Chairman of the Board of Directors.

This team is tasked with maintaining operational focus-like the Q3 2025 Food segment net sales of $910 million-while navigating the complexities of a major leveraged buyout (LBO) and ensuring a smooth handover to the new private owners.

Sealed Air Corporation (SEE) Mission and Values

Sealed Air Corporation (SEE) is driven by a purpose that extends far beyond selling Bubble Wrap® or Cryovac® food packaging. Its mission is fundamentally about global stewardship and problem-solving, aiming to leave the world and its customers' operations defintely better than they found them.

Given Company's Core Purpose

When you look at a company like Sealed Air Corporation, especially given the recent news of the definitive agreement to be acquired by CD&R for an enterprise value of $10.3 billion in November 2025, you have to look past the valuation premium and focus on the cultural DNA that CD&R is buying. That DNA is codified in their core purpose: a commitment to protection, solution, and innovation.

Here's the quick math on why this matters: SEE's full-year 2025 Net Sales are projected to be between $5.275 billion and $5.325 billion, with Adjusted EBITDA between $1.120 billion and $1.140 billion. Sustaining those numbers requires a mission-driven culture to navigate the complex, global supply chain challenges.

Official mission statement

The company's mission statement is built on three active verbs that define their daily work across food, medical, and e-commerce packaging sectors. It's a simple, direct framework for their 16,400 employees serving customers in 117 countries.

• To Protect: Ensuring the integrity and safety of products, from fresh proteins to sensitive medical supplies.
• To Solve: Addressing complex customer challenges with tailored, effective solutions, often through automation and digital integration.
• To Innovate: Continuously developing new technologies and approaches to meet evolving market needs, especially in sustainability.

You can see the full breakdown of their guiding principles here: Mission Statement, Vision, & Core Values of Sealed Air Corporation (SEE).

Vision statement

The vision statement maps their mission's action-oriented pillars into a long-term, global outcome. It's a clear aspiration to lead the entire packaging industry toward a more sustainable future, not just participate in it. This is a critical factor for investors, as it aligns with major environmental, social, and governance (ESG) trends.

• To create a better future for our world by leading the way with innovative and sustainable packaging solutions.

This vision is backed by a concrete 2025 pledge: designing 100% of their packaging to be recyclable or reusable, and incorporating an average of 50% recycled or renewable content. That's a measurable, near-term goal tied directly to their long-term vision.

Given Company slogan/tagline

While the company has officially rebranded its corporate identity to the ticker name, SEE, its purpose acts as its de facto tagline. It's a statement of intent that summarizes their role in the global economy and is more valuable than a simple marketing phrase.

• In business to protect, to solve critical packaging challenges, and to make our world better than we find it.

This focus on a better world is what separates a commodity packaging company from a solutions provider, and it's why analysts project 2025 Adjusted EPS to be strong, between $3.25 and $3.35. They are selling solutions, not just materials.

Sealed Air Corporation (SEE) How It Works

Sealed Air Corporation (SEE) operates as a global provider of essential packaging solutions, primarily by integrating high-performance materials with automated equipment and services to preserve food and protect shipped goods. The company generates revenue by selling both the consumable packaging materials and the machinery that applies them, driving value through a solutions-based model rather than just selling products.

The core of their business is split into two powerful segments: Food and Protective, which collectively are expected to deliver net sales between $5,275 million and $5,325 million for the full fiscal year 2025. This dual focus lets them capture market share in both the resilient food supply chain and the growing e-commerce logistics space.

Sealed Air Corporation's Product/Service Portfolio

Sealed Air Corporation's Operational Framework

The company's operational framework centers on a 'solutions-based' approach, moving beyond just selling film or foam to delivering an integrated system of materials, equipment, and services. This model locks in customers and drives recurring revenue from material sales.

Here's the quick math: Selling an AUTOBAG machine is a one-time capital expenditure for the customer, but the long-term, high-margin revenue comes from the continuous sale of the proprietary bags and films the machine requires. That's defintely a smart way to manage the value chain.

• Segment Focus: The Food segment, which reported net sales of $910 million in Q3 2025, focuses on food safety and shelf-life extension, which is critical in the volatile global protein markets.
• Transformation Initiatives: Management is executing a multi-year turnaround plan, which drove a positive inflection in Protective's material volumes in Q3 2025-the first growth since 2021.
• Productivity Drive: The company is accelerating productivity initiatives to improve operating leverage, which helped drive Q3 2025 Adjusted EBITDA to $287 million, up 4.2% year-over-year.
• Footprint Optimization: They are assessing and optimizing their manufacturing footprint, including the recent opening of a new facility in Lakeland, Florida, to enhance service and cost position.

Sealed Air Corporation's Strategic Advantages

Sealed Air Corporation maintains its market position through a combination of brand equity, technological integration, and a clear focus on sustainability, which is increasingly non-negotiable for large customers.

• Brand Recognition and Scale: Globally recognized, canonical brands like BUBBLE WRAP and CRYOVAC give them instant credibility and market access across 117 countries/territories.
• Automation and Digital Integration: They are on a path to more than double their automation portfolio by 2027, offering customers automated packaging solutions with paybacks often shorter than three years. This integration makes their solutions sticky.
• Sustainability Leadership: A bold 2025 pledge commits to designing and advancing all packaging solutions to be 100% recyclable or reusable. They also target an ambitious 50% average recycled content across all solutions, with 60% of that being post-consumer recycled content.
• Financial Discipline: The company is actively deleveraging, reducing total debt to $4.2 billion as of September 30, 2025, which improves their financial resilience and net debt to Adjusted EBITDA ratio to below 3.5x.

To be fair, the company's long-term strategy will now be executed under new ownership, as they entered a definitive agreement in November 2025 to be acquired by funds affiliated with CD&R for an enterprise value of $10.3 billion. You can read more about their guiding principles here: Mission Statement, Vision, & Core Values of Sealed Air Corporation (SEE).

Sealed Air Corporation (SEE) How It Makes Money

Sealed Air Corporation makes money primarily by selling a vast portfolio of engineered packaging solutions, with revenue split between its Food and Protective segments. The company operates on a razor-and-blade model in many areas, earning recurring revenue from consumable materials like films and foams used in its proprietary equipment, such as Cryovac and Instapak systems.

Sealed Air Corporation's Revenue Breakdown

The company's revenue engine is powered by two core segments. The following breakdown is based on the reported net sales from the third quarter of 2025, which totaled $1.35 billion.

The Food segment, which brought in $910 million in Q3 2025, remains the largest and most resilient, showing a 1% year-over-year increase in net sales, driven by success in retail and foodservice markets. The Protective segment, with Q3 2025 net sales of $442 million, is still navigating a challenging industrial environment, but management noted a positive inflection in material volumes for the first time since 2021.

Business Economics

You need to understand that Sealed Air's profitability hinges on two factors right now: pricing power in Food and aggressive cost management across the board. The company's business economics are tied to a high-value, materials-plus-equipment model, but the near-term story is about operational discipline.

• Pricing and Volume: In Q3 2025, the Protective segment experienced unfavorable net price realization, meaning they had to lower prices or absorb higher costs, but the Food segment maintained relatively flat pricing. The real win is volume stabilization in Protective, which is defintely a key turning point.
• Cost-Out Initiatives: Margin expansion is being driven by productivity initiatives and cost-out savings, including the CTO2Grow Program. For example, the Food segment's Adjusted EBITDA margin improved to 23.6% in Q3 2025, up from 21.8% in the prior year, largely due to these cost controls.
• Macro Headwinds: The business is seeing pressure from a consumer shift into value grocery as purchasing power wanes, which affects the Food segment, plus a muted industrial production outlook that challenges the Protective segment.

The company is intentionally making a rotation into higher-growth retail and foodservice end markets to offset industrial weakness, applying the same transformation playbook that stabilized the Protective business. You can find more detail on their long-term strategy in the Mission Statement, Vision, & Core Values of Sealed Air Corporation (SEE).

Sealed Air Corporation's Financial Performance

Based on the latest guidance issued in November 2025, the full-year financial outlook shows a company executing on margins despite a flat top line. Here's the quick math on their expected 2025 performance:

• Net Sales: Full-year 2025 net sales are projected to be around $5.3 billion, in the middle of their tightened guidance range of $5,275 million to $5,325 million.
• Adjusted EBITDA: The company raised its full-year Adjusted EBITDA guidance to a range of $1.12 billion to $1.14 billion, with a midpoint of $1.13 billion. This is a clear indicator that cost control is working.
• Adjusted EPS: Adjusted Earnings Per Share (EPS) is forecast to be between $3.25 and $3.35 per share, demonstrating strong bottom-line growth driven by higher Adjusted EBITDA and lower interest expense.
• Free Cash Flow: Full-year 2025 Free Cash Flow is reaffirmed at approximately $400 million, with a guidance range of $350 million to $450 million.
• Debt and Leverage: As of September 30, 2025, total debt was reduced to $4.2 billion, and the net leverage ratio (net debt to Adjusted EBITDA) improved to 3.5x, with a goal to reach approximately 3x by the end of 2026.

What this estimate hides is the ongoing capital expenditure (CapEx), which is projected to be lower at $175 million for the full year 2025, reflecting a focus on optimization over expansion. The key takeaway is that the business is prioritizing cash generation and debt reduction over aggressive sales growth right now.

Sealed Air Corporation (SEE) Market Position & Future Outlook

Sealed Air Corporation is navigating a complex market with a clear focus on operational discipline and a strategic turnaround, aiming for a stable 2025 despite macroeconomic headwinds. The company's future trajectory is fundamentally altered by the announced $10.3 billion acquisition by CD&R, a deal expected to close in mid-2026, which will take the firm private and accelerate its transformation.

For the full fiscal year 2025, the company projects Net Sales between $5.275 billion and $5.325 billion, with an Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) target of $1.12 billion to $1.14 billion. This outlook is underpinned by the strength of its Food segment and an ongoing operational overhaul in Protective packaging.

Competitive Landscape

Sealed Air Corporation operates in a fragmented global packaging market, facing large, diversified competitors whose scale often dwarfs its own. Its competitive edge rests on its differentiated, high-value solutions, particularly the integrated offering of materials, equipment, and services (automation).

Here's the quick math: Based on 2025 projected revenues, the company's scale is significantly smaller than the market leaders, making its profitability and innovation the key differentiators.

Opportunities & Challenges

The company is positioned to capitalize on major industry shifts, but it must defintely manage significant financial and market risks to realize its full potential.

Industry Position

The company is a specialist leader in two distinct, high-performance segments: Food packaging and Protective packaging. Its core strength is its proprietary technology, like the Cryovac brand for fresh protein and the iconic Bubble Wrap brand for cushioning.

• Dominance in high-barrier film (Cryovac) gives it a strong foothold in the fresh protein market, driving margin expansion.
• Strategic shift to become more 'substrate agnostic' is key to navigating the industry's rapid change from plastic to paper-based solutions.
• The company is actively executing a transformation plan, which led to a raised 2025 Adjusted EPS guidance midpoint to $3.30 per share.
• Its focus on automation and equipment integration differentiates it from material-only suppliers, creating a stickier customer relationship.

For additional insights into the company's financial performance and health, consider exploring this resource: Breaking Down Sealed Air Corporation (SEE) Financial Health: Key Insights for Investors.