Sealed Air to buy Automated Packaging Systems for $510M

|About: Sealed Air Corporation (SEE)|By:, SA News Editor

Sealed Air (NYSE:SEE) agrees to acquire Automated Packaging Systems, an Ohio-based manufacturer of automated bagging systems, for $510M.

SEE says it will benefit from cross-selling opportunities enabling additional growth in key markets, and it expects cost synergies resulting from supply chain efficiencies.

SEE expects the deal to be accretive to adjusted EBITDA in 2019.

The company also reported better than expected Q1 earnings while revenues fell 1.6% Y/Y to $1.11B; full-year EPS guidance is reaffirmed at $2.65-$2.75, in line with $2.74 analyst consensus estimate.

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