Charlotte-based Bubble Wrap maker spending a billion dollars in takeover of Va. company
Charlotte-based Sealed Air Corp. has acquired a Virginia packaging manufacturer for a little over $1 billion.
The local Bubble Wrap maker announced Tuesday that it had entered a definitive agreement to buy Liquibox, a Richmond-based firm, for $1.15 billion. The transaction is expected to close in the first quarter of 2023.
The transaction is a “highly strategic acquisition” to build one of Sealed Air’s fastest-growing business segments, president and CEO Ted Doheny said in a statement.
Liquibox makes packaging for liquids like coffee, wine and syrup for soda machines, among other items.
According to the company’s website, Liquibox is heavily focused on sustainable products. It has over 1,300 employees and reported revenue of $362 million last year, according to the news release.
About Sealed Air
Sealed Air moved its headquarters to Charlotte from New Jersey in 2014, opening a 32-acre campus off Tyvola Road a few years later. The company makes a variety of packaging products, from bubble wrap and padded envelopes to shrink wrap for food products.
The manufacturer had a bumpy first five years in Charlotte. It spun off a third of its operations, got its finances investigated by the SEC and underwent major restructuring.
The company also fell off the Fortune 500 list in 2019 and has yet to climb back up in the rankings. This year, it ranked No. 565, with revenue of $5.5 billion.
Sealed Air has 16,500 employees, including about 7,000 in the U.S. and hundreds in Charlotte.
The company’s stock was trading at $44.50 on Tuesday afternoon, down from $47.62 the day prior.
This story was originally published November 1, 2022 at 1:03 PM.
