Sealed Air Corp., which is relocating its headquarters to Charlotte, has completed the sale of its North American foam trays and absorbent pads business to Novipax, an affiliate of private equity firm Atlas Holdings, LLC.
The sale includes Sealed Air’s manufacturing facilities in Paxinos and Reading, Pa., Indianapolis, Rockingham, N.C., and Grenada, Miss. In 2014, Sealed Air’s North American foam trays and absorbent pads business generated about $214 million in revenue.
“As we increase our focus on innovation and differentiation in the flexible packaging industry, the decision to divest trays and pads aligns with our overall strategy and we are confident Novipax is the right strategic buyer to further expand and grow this business,” Jerome Peribere, Sealed Air’s president ant CEO, said in a statement released Thursday.
Sealed Air, the maker of Bubble Wrap, said it will complete construction of its new Southwest Charlotte headquarters by the end of 2016. The company, which generated revenue of about $7.8 billion in 2014, plans to relocate 1,600 jobs from New Jersey.