Date: Jun 20, 2012 Source: BusinessWeek
Sealed Air Corporation and Ecovative Design LLC completed an agreement to accelerate the production, sales and distribution of Ecovative's EcoCradle(R) Mushroom(R) Packaging, a new technology for environmentally responsible packaging materials made from agricultural byproducts and mycelium, or mushroom roots. As part of the agreement, Sealed Air will be the exclusive licensee of Ecovative's mycelium based material technology in North America for protective packaging applications. Since January, Sealed Air and Ecovative have been developing together plans for sales and marketing as well as the augmentation of production capabilities. Sealed Air plans to begin offering the new products immediately.
Sealed Air's Protective Packaging business delivers an extensive portfolio of protective, industrial and display packaging systems to meet diverse application requirements across a broad range of industries. Sealed Air operates Packaging Design Centers globally and delivers a compelling value proposition that comes from a total solution approach that positively benefits multiple areas of customer operations -- ultimately driving efficiencies and business value from the plant floor to their customers' doorsteps. Details of the transaction were not disclosed. Sealed Air does not expect the transaction to be material to its consolidated financial position or results of operations.
