Business

Sealed Air to break ground Thursday on Charlotte headquarters

Sealed Air Corp., the Fortune 500 company behind Bubble Wrap, plans to hold a groundbreaking ceremony Thursday for its new global headquarters at the LakePointe Corporate Center, the company said.

Company CEO Jerome Peribere and state Gov. Pat McCrory are scheduled to attend the 4:30 p.m. ceremony.

The campus, expected to be completed by the end of 2016, consists of three buildings that will house more than 1,200 employees, including current staff from three divisions. A new research and development facility and customer learning center also will be on the campus, according to a news release.

It is unclear how many people will be hired locally.

Sealed Air announced last July its headquarters would move to Charlotte from Elmwood Park, N.J. The state approved up to $36 million worth of incentives and a $2.5 million grant contingent on a local match.

Founded in 1960, Sealed Air’s founders invented Bubble Wrap, but the iconic product makes up only 2 percent of the firm’s total revenues now, Peribere said. The company also makes food packaging, medical packaging and cleaning products.

Sealed Air earned $258 million in profits from $7.8 billion in sales in 2014. More than 60 percent of its revenue is generated overseas, and its 25,000 employees serve customers in 175 countries.

In April, the company sold its North American foam trays and absorbent pads business and bought a developer of robotic commercial floor-cleaning machines.

Sealed Air says it will make a donation to the local Red Cross after the ceremony and 200 members on the executive team will volunteer one hour assembling Disaster Response Kits.

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