Sealed Air Completes Acquisition of Dow Chemical's Ethafoam(TM) Business


ELMWOOD PARK, N.J., Friday, November 16, 2007 - Sealed Air Corporation (NYSE:SEE) announced today that it has completed the acquisition of certain assets relating to The Dow Chemical Company's ETHAFOAM(TM) and related polyethylene foam product lines, further accelerating sales and expanding its global presence in specialty materials.

The assets, located primarily in North America and Europe, include a license to process technology, customer contracts, trademarks, and certain production and process equipment sold under the ETHAFOAM(TM), SYNERGY(TM), EQUIFOAM(TM), and ENVISION(TM) trademarks. In addition, Sealed Air has acquired the rights to the LAMDEX(TM) trademark. ETHAFOAM(TM) is a polyethylene foam packaging and specialty brand used in a wide variety of applications, such as transportation, construction, military/defense, automotive and sports & leisure.

Commenting on the transaction, William V. Hickey, Sealed Air's President and Chief Executive Officer, stated:

"ETHAFOAM(TM) is a well-known and highly recognized brand whose wide range of applications will enhance the growth of our specialty materials business. This acquisition is an excellent opportunity to offer customers a range of product solutions and specialty applications and allows us to target additional opportunities around the world. ETHAFOAM(TM) will complement our existing technologies and will benefit customers with broader access to knowledgeable sales, design and technical support teams."

As part of the agreement, Dow will supply ETHAFOAM(TM) and related products to Sealed Air for a period of up to 18 months, at which time Sealed Air will commence manufacturing of the products at its own facilities. Financial terms 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.

Business

Sealed Air is a leading global innovator and manufacturer of a wide range of packaging and performance-based materials and equipment systems that serve an array of food, industrial, medical, and consumer applications. Operating in 51 countries, Sealed Air's international reach generated revenue of $4.3 billion in 2006. With widely recognized brands such as Bubble Wrap® cushioning, Jiffy® protective mailers, Instapak® foam-in-place systems and Cryovac® packaging technology, Sealed Air continues to identify new trends, foster new markets, and deliver innovative solutions to its customers. For more information about Sealed Air, please visit the Company's web site at www.sealedair.com.

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