Charlotte-based manufacturing giant Sealed Air (SEE) announced this week it has signed a definitive agreement to acquire Liquibox in a $1.15 billion deal.
Liquibox, based in Richmond, Virginia, is a pioneer, innovator, and manufacturer of packaging and dispensers for fresh food, beverage, consumer goods and industrial end-markets.
SEE is the maker of globally recognized brands including Cryovac and Bubble Wrap. The company provides automated packaging solutions that promote a safer, more resilient, and less wasteful global food supply chain, enable e-commerce, and protect goods in transport. The acquisition will complement SEE’s fastest-growing area, Cryovac Fluids & Liquids.
“This is an exciting day for SEE,” President and CEO Ted Doheny said. “Liquibox is a highly strategic acquisition to fuel growth and earnings power. We look forward to welcoming Liquibox’s talented team. Both of our cultures strive for world-class performance and place strong emphasis on talent, sustainability, innovation and operational excellence.”
Founded in 1961, Liquibox employs more than 1,300 people and operates across 18 locations globally. The company estimates 2022 full year revenue of $362 million. Its bag-in-box business comprises fountain beverage syrup, milkshake mix, dairy, coffee, water, wine, liquid foods and industrial applications. The company recently launched award-winning recycle-ready products that aim to replace metallic laminated bags, and a fully automatic, six-head rotary filler that increases productivity for high volume operations.
“We look forward to partnering closely with the team at SEE,” Liquibox President and CEO Ken Swanson said. “This will be a new chapter for Liquibox – a chance to accelerate innovation and bring sustainable packaging solutions to more customers and geographies.”
