Elmwood Park, NJ-based Sealed Air Corp. (NYSE: SEE) reported sales for the first quarter of $1.13 billion, an increase of 6 percent in a year-over-year comparison. Profit declined 2 percent to $59.7 million.
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Food Packaging segment sales increased 6 percent to $474.9 million. Volumes increased 2 percent, largely driven by a 4 percent increase in North America representing new customer relationships and a 5 percent increase in Europe due to increased demand.
Food Solutions segment sales increased 4 percent to $228.8 million. Volumes in international regions grew 4 percent, but were offset by a 6 percent decline in the U.S.
Protective Packaging segment sales increased 9 percent to $335.1 million. Volumes increased 7 percent, due to improving industrial production rates in North America and Europe.
Other segment sales increased 1 percent to $89.7 million.