MOUNT PLEASANT — In a town hall-style presentation that was webcast to four other Sealed Air Corp. locations on Wednesday, company CEO Jerome Peribere called for a company-wide “transformation” that will significantly improve profits in the next three years.
Sealed Air was built on the invention of Bubble Wrap. But that product now comprises just 2 percent of total sales.
Peribere’s presentation was in large part an overview of the worldwide company that reaches across industries including food handling, packaging — which Sealed Air refers to as “product protection” — and the sanitation and hygiene systems and products of the division now named Diversey Care.
Peribere said he gave much the same presentation last month to an audience of about 100 stock analysts and wanted to share the information with employees.
He first played a short video clip from the last America’s Cup race won by Oracle Team USA in a come-from-behind thriller. Sealed Air created the shrink film material that wrapped the deck and wings, or sails, Peribere said.
“Sealed Air, your company, has enabled that victory.”
Peribere showed the previous company logo that featured black dots representing Bubble Wrap. “It seems so outdated now,” he said. Sealed Air is doing a rebranding that included a new logo unveiled in July.
“We have decided to reinvent ourselves,” said Peribere, a 35-year Dow Chemical Co. veteran. “We want to become a knowledge-based company.”
Household customer names
Sealed Air, which employs 25,000 people, has impressive customer names in all three divisions, Peribere’s presentation showed. Food Care division customers include National Beef, Tyson, Perdue, Hormel, Cargill, Heineken, Coca-Cola and Pepsico.
In its Product Protection division, Sealed Air — which makes the plastic Fill Air packaging that Amazon.com uses — makes a packaging system that will size the height of a shipping box to the products inside it, Peribere said.
Besides Amazon.com, that division’s customers include Samsung, Home Depot, Emerson, UPS, Fed-Ex and Wal-Mart.
Diversey Care’s customers include McDonald’s, Target, Ikea, Sodexo and Walgreens.
That division — now headquartered in Amsterdam — is Sealed Air’s worst-performing division, Peribere said. So it has the biggest potential for improvement, he said later.
Sealed Air bought Diversey for its technologies, Peribere said. Those include an automated floor cleaning machine that meters out chemicals according to the machine’s speed.
“By adding the Diversey Care technologies, we are becoming the largest food-safety company in the world,” Peribere said.
Sealed Air’s stock price stood at about $28 per share in early 2011, fell to half of that about a year ago and is now back to about $27.
“Investors and employees are seeing a turnaround,” Peribere said.
About Sealed Air locally
• Former name — Diversey
• Address — 8310 16th St.
• Local employment — About 400
• Acquired — 2011
• Purchase price — $4.3 billion in cash and stock
• Stock — traded as SEE on New York Stock Exchange