Investigative Investment Research, Bleecker Street Capital

Bleecker Street Research

Investigative Investment Research

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<ul><li>Sealed Air (SEE) is a disaster in motion: its entire business is facing extinction as customers move away from the thin-film plastics the company makes.</li><li>Sealed Air’s e-Commerce business has collapsed as Amazon has moved away from the single-use plastics, formerly ever present in its packaging. </li><li>California just passed two recycling and labeling bills that we think will make Sealed Air’s products unlikely to be used in the State and possibly in the US as a whole.</li></ul>

Sealed Air (SEE) is a disaster in motion: its entire business is facing extinction as customers move away from the thin-film plastics the company makes.Sealed Air’s e-Commerce business has collapsed as Amazon has moved away from the single-use plastics, formerly ever present in its packaging. California just passed two recycling and labeling bills that we think will make Sealed Air’s products unlikely to be used in the State and possibly in the US as a whole.

Sealed Air (SEE): A Melting Ice Cube Hiding In Plain Sight

United States

Greif Inc. manufactures and markets industrial packaging products and services. The Company provides steel, plastic, fiber, corrugated and multiwall containers. Greif also produces containerboard and has operations nationwide.

Silgan Holdings Inc. and its subsidiaries manufacture consumer goods packaging products.  The Company currently produces steel and aluminum containers for human and pet food, custom designed plastic containers for various markets, plastic closures and caps, thermoformed  plastic tubs, and specialty packaging items.  Silgan markets its products in North America.

Sonoco Products Company manufactures industrial and consumer packaging solutions for customers around the world.  The Company's products include flexible packaging, high density film products, and folding cartons.  Sonoco Products also has an integrated network of global technology centers focused on materials science, packaging engineering, and process improvement.

Berry Global Group Inc. manufactures plastic products and containers. The Company produces agricultural film, moisture control products for buildings, closures, disposable cutlery, drop cloths, flexible packaging, overcaps, tapes, tubes, bottles, drink cups, lids, and trash bags. Berry Plastics markets its products worldwide.

UFP Technologies, Inc. designs and manufactures a broad range of high-performance cushion packaging and specialty foam and plastic products for the industrial and consumer markets. The Company also custom designs and manufactures precision molded fiber packaging products made primarily from recycled paper.

O-I Glass, Inc. manufactures packaging products. The Company produces various types of glass bottles for food, beverage, cosmetics, and other related industries. O-I Glass serves customers worldwide.

Graphic Packaging Holding Company is an integrated provider of paperboard and integrated paperboard packaging solutions to multinational beverage and consumer products companies.  The Company manufactures folding cartons for frozen and non-frozen food and beverage products.

Graphic Packaging Holding Company (GPK US)

Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods through plants located in countries around the world.  The Company's primary products include steel and aluminum cans for food, beverage, household, and other consumer products.  Crown also provides a variety of metal caps, closures, and dispensing systems.

AptarGroup, Inc. designs, manufactures, and markets pumps, dispensing closures, and aerosol valves.  The Company's products are used for fragrance/cosmetics, personal care, pharmaceutical, household/industrial, and food products. AptarGroup operates worldwide.

Myers Industries, Inc. manufactures plastic and rubber products for industrial, agricultural, automotive, commercial, and consumer markets.  The Company's products include plastic containers, rubber tire repair products, and custom rubber materials.  Myers is also a wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry.

Huhtamaki Oyj manufactures consumer packaging products.  The Company produces disposable food service and tableware products, such as cups, plates, and trays, as well as containers for fresh meats, fruits, dairy products, frozen foods, coffee, and detergents.  Huhtamaki makes the containers of paper, molded fibers, and plastics.  The Company manufactures in many countries and sells worldwide.

Klabin S.A. produces, exports, and recycles paper. The Company's products include packaging paper and board, corrugated boxes, industrial sacks and timber in logs for saw mills and veneer plants.

SCG Packaging Public Company Limited provides packaging services and solutions. The Company offers fiber-based packaging, performance and polymer packaging, and food service products, as well as designing and printing services. SCG Packaging serves customers worldwide.

Toyo Seikan Group Holdings Ltd primarily manufactures, markets, and sells metal, plastic, and glass packaging products and containers.  The Company specializes in food cans, 18-liter cans, and other beverage cans.  Toyo Seikan also produces steel products such as steel sheets.

Vidrala SA manufactures glass bottles and markets them throughout Europe.  The Company produces bottles for beverages, vegetable oils, and preserves.

DS Smith Plc is an International paper company focused on packaging and office products. The Group collects waste paper, manufactures paper, converts corrugated packaging and produces bag-in-box, plastic corrugated and heavy duty corrugated packaging, as well as wholesales office supplies.

BillerudKorsnas AB offers primary fibre-based renewable packaging materials and packaging solutions used for consumer packaging and industrial purposes.

Mayr-Melnhof Karton AG manufactures cardboard, folding cartons, and packaging materials primarily from recycled wastepaper.  The Company operates production facilities in Austria and throughout Europe.

Orora Limited provides packaging products and services. The Company offers fiber, glass, and beverage can packaging materials in Australia and Asia and packaging distribution services in North America and Australia.

Sealed Air Corporation manufactures packaging and performance-based materials and equipment systems that serve food, industrial, medical, and consumer applications.

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Sealed Air Corp (SEE US)

Sealed Air (SEE): A Melting Ice Cube Hiding In Plain Sight

Sealed Air (SEE) is a disaster in motion: its entire business is facing extinction as customers move away from the thin-film plastics the company...

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