Charlotte Bubble Wrap maker Sealed Air completes latest expansion deal for $1.1B

Charlotte-based packaging company Sealed Air has finalized its $1.15 billion purchase of a Virginia company.

Sealed Air completed the acquisition of Richmond, Virginia-based Liquibox on Feb. 1, accelerating the company’s growth in flexible packaging, Sealed Air said in a company news release.

Liquibox makes Bag-in-Box packaging for dairy, coffee, wine and other beverages. The 62-year-old company has over 1,400 employees in 17 locations around the world. Last year, Liquibox reported $362 million in revenue.

The deal expands on Sealed Air’s fastest-growing, most profitable business Cryovac, or “vacuum-pack” impermeable plastic wrap for food, according to the company. The Bubble Wrap maker plans to expand its packaging for condiments and sauces in food service and restaurants, combined with Liquibox Bag-in-Box for soda fountains, dairy, urn liners and to-go liquid box packaging.

About Sealed Air

Sealed Air, founded in 1960, makes Bubble Wrap and padded envelopes to shrink wrap for food products. In 2014, Sealed Air moved its headquarters from New Jersey to Charlotte. The 32-acre campus is off West Tyvola Road.

Last year, Sealed Air launched at least two new products — a Bubble Wrap brand fiber-based padded mailer that can be recycled and the smart packaging brand Prismiq. And last February, Sealed Air acquired digital and graphics packaging company Foxpak in Ireland. Terms of the deal were not disclosed.

Sealed Air generated $5.5 billion in sales in 2021 and has about 16,500 employees in 114 countries and territories. About 860 people work in Charlotte, Sealed Air spokeswoman Christina Griffin said Monday.

The Liquibox deal was announced in November. Sealed Air will discuss the closing of the sale during its full-year 2022 earnings call Feb. 9, which will be webcast live at 10 a.m.

This story was originally published February 6, 2023 at 1:08 PM.