Environment

Sealed Air plans to bring sustainable products for food and industrial packaging to the market during 2007 after buying a majority stake in Biosphere Industries.

Biosphere is based in California and has developed a proprietary process for manufacturing rigid packaging materials made from renewable resources. 

The terms of the deal were not disclosed. 

Sealed Air’s president and chief executive, William Hickey, said: “We remain highly focused on developing innovative solutions that meet the growing demand for environmentally friendly, sustainable packaging materials.”

Sealed Air’s share price has performed well on the New York Stock Exchange over the past month and rose after the Biosphere deal was completed on 6 December.