Sealed Air makes packaging materials, equipment, and services for two primary end markets: food processing and protective/industrial packaging. The Food segment (~67% of revenue) sells high-performance barrier films, shrink bags, pouches, and trays under the CRYOVAC brand to industrial food processors, retailers, and foodservice operators globally, extending shelf life and ensuring food safety primarily for proteins, dairy, and fresh foods. Sealed Air also sells automated packaging equipment alongside materials, creating an integrated solution that drives recurring material sales. The Liquibox acquisition added flexible liquid packaging for foodservice and dairy. The Protective segment (~33% of revenue) sells inflatable cushioning, foam-in-place, bagging systems, and shrink films under the BUBBLE WRAP, AUTOBAG, and SEALED AIR brands to e-commerce, industrial, and logistics customers, with about 60% of sales flowing through distributors. Sealed Air's business model pairs equipment placements with recurring, higher-margin material sales. In Food, North American contracts often use formula-based pricing tied to resin costs, while Protective pricing is market-driven and has faced sustained pressure from deflationary resin markets and competitive disruption. Polyolefin resins represent roughly one-third of consolidated cost of sales. Sealed Air is executing a multi-year transformation: turning around Protective through go-to-market investments and rebuilding distributor relationships, rotating Food toward retail and foodservice to reduce exposure to the U.S. cattle cycle, and cutting costs through facility consolidation and back-office offshoring. In November 2025, Sealed Air agreed to be acquired by CD&R for $10.3B, with the transaction expected to close in mid-2026.