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Sealed Air Strengthens Protective Packaging Solution With Acquisition Of APS

Sealed Air Corp. (SEE) has signed a definitive agreement to acquire Automated Packaging Systems, Inc. for a purchase price of $510 million on a cash and debt free basis. With headquarters in Streetsboro, Ohio, Automated Packaging Systems is a manufacturer of automated bagging systems. It serves customers in over 60 countries and operates seven manufacturing sites in the U.S. and U.K. APS generated sales of $290 million in 2018.

Ted Doheny, Sealed Air CEO, said. "The addition of APS is well aligned with our Reinvent SEE goal of doubling our innovation rate over the next five years. This transaction expands the breadth of our automated solutions and sustainable packaging offerings, giving us access to growth opportunities in the markets we serve."

Sealed Air expects the acquisition to be accretive to Adjusted EBITDA in 2019. The deal is projected to close early in the third quarter of 2019. Upon the closing, Sealed Air plans to update its 2019 outlook during the second-quarter earnings conference call.

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