DUNCAN, S.C. -- Sealed Air Corporation (NYSE:SEE) announced it has acquired MultiBagger Holdings, a wholly-owned subsidiary of Machinery Developments Limited. Prior to the closing of the acquisition, Machinery Developments Limited transferred substantially all of its assets to MultiBagger Holdings, including the MultiBagger™ paired bag dispensing equipment product line. The transaction expands Sealed Air’s line of Cryovac® packaging solutions for fresh and processed food customers.
“This is an opportunity to strengthen our commitment to offering complete shrink packaging systems that enable customers to reduce inventory costs and increase operational efficiency,” said Karl Deily, President, Sealed Air’s Cryovac Food Packaging business. “MultiBagger™ products have an established presence in the North American fresh red meat market and will complement our existing system automation and line integration capabilities.”
Deily added that customers also will benefit from the full range of existing Cryovac® boneless and bone-in tubing materials immediately ready for use with the MultiBagger™ products.
Financial terms 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.
For more information on Sealed Air’s Cryovac® brand, visit our website www.cryovac.com or contact 1-800-845-3456.