Wednesday, February 21, 2024

Sealed Air is wrapped in change

Change is the only constant at Bubble Wrap maker Sealed Air as it heads into the new year with a slimmer profile and new leaders. Ted Doheny, former CEO of Joy Global, is succeeding Jerome Peribere, who joined the company as president in September 2012 and got the top job a year later. Peribere oversaw Sealed Air’s corporate headquarters move from New Jersey to Charlotte, where about 1,400 people work in a $58 million office complex. He also engineered the $3.2 billion spinoff of the Diversey Care cleaning-products unit that Sealed Air had acquired for $4.3 billion in 2011. Diversey represented more than a third of Sealed Air’s $6.8 billion annual revenue in 2016.

Sealed Air’s shares tripled in the three years following Peribere’s arrival but have stalled over the last 18 months as revenue didn’t grow as fast as expected and higher raw-material prices pinched profits. Doheny told analysts in November the company wants to be the packaging industry’s leader in using automation and is adapting to the e-commerce boom. He noted more than half of U.S. flat-screen TVs are now shipped rather than purchased at stores, which requires improved packaging materials.

Doheny, who worked for Ingersoll Rand for 21 years, is working with a new acting CFO, William Stiehl, who succeeded Carol Lowe.

On his last quarterly conference call with analysts, Peribere, 62, said he had just completed his first marathon. “But don’t worry, I will not turn into Forrest Gump in my retirement.”

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Booming ‘burbs

The Charlotte region’s fastest-growing suburb isn’t in Mecklenburg County, or even North Carolina. Fort Mill, S.C., home to burgeoning companies such as Red Ventures and LPL Financial, experienced the fastest population growth rate from 2015-16, census data shows. Union County’s Waxhaw was second.

CHARLOTTE — Dinesh Chopra was named chief strategy officer at Ally Financial. He comes from Citigroup, where he was global head of strategy for retail, mortgage, fintech and digital payments. The Detroit-based lender has about 1,700 workers here, its largest employment base.

CHARLOTTE — Atom Power raised $3 million in a financing that included Next 47, a venture-capital arm of Germany-based Siemens, and ABB’s venture-capital unit. Started in 2014 by Ryan Kennedy and Denis Kouroussis, the company makes solid-state circuit breakers for commercial and industrial buildings.

CHARLOTTE — Level Brands is seeking to raise $12 million in an initial public offering. The company develops brands for beauty, fashion, entertainment and other companies.

CLAREMONT — Prysmian Group will invest $54 million and add 50 jobs at its local plant, its third expansion since 2014. The Italy-based company makes cable systems for the energy and telecom industries.

MIDLAND — Intertape Polymer Group will invest $13.5 million and add 10 jobs by 2019.The Montreal, Quebec-based company makes packaging tape at the plant, which opened earlier this year.


David Mildenberg
David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at

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