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Business Description
Sealed Air Corporation, operating through its subsidiaries, is engaged in the manufacture and sale of a wide range of food, protective and specialty packaging products. The Company operates in two business segments: Food Packaging, which provides a variety of flexible films, bags and associated packaging and absorbent pads, and Protective and Specialty Packaging, which include its cushioning and surface protection products and certain other products. Sealed Air conducts substantially all of its business through two direct wholly owned subsidiaries, Cryovac, Inc. and Sealed Air Corporation (US). These two subsidiaries directly and indirectly own substantially all of the assets of the business and conduct operations themselves and through subsidiaries around the globe.

Financial Information
SEE is a global manufacturer of a wide range of protective and specialty packaging materials and systems, including polyurethane packaging systems and foams and air cellular cushioning materials. For the six months ended 6/02, net sales rose 1% to $1.53 billion. Net income applicable to Common totalled $102.7 million, up from $50.3 million. Results reflect higher sales in the food packaging segment and the absence of a $28.4 million goodwill amortization charge.