In order to expand its technology and sustainability trace, Sealed Air CorporationSEE has acquired Dry Lube Ltd. and its subsidiary Dry Lube Inc. The acquisition is in sync with Sealed Air's Change the Game strategy which aims to accelerate growth through innovative solutions.
Headquartered in Edinburgh, U.K. Dry Lube is a specialized, water-free conveyor lubrication technology and service provider for the food and beverage industry. The company sells its products directly to customers in the U.S. and Europe and through distribution to rest of the world.
Dry Lube's technology enables brewing, beverage and dairy companies to perform critical conveyor-belt lubrication without the use of water. The buyout will enable Sealed Air to reduce water usage as well as treatment costs. It will also help the company establish cleaner and safer working environments, and improve operational efficiencies.
Closed in early December, the acquisition will not have any material impact on Sealed Air's results. Financial terms of the transaction were not disclosed.
During the first quarter of 2015, Sealed Air acquired Intellibot Robotics LLC in a move to expand its floor cleaning business. The company also bought B+ Equipment, which designs, manufactures and services automated packaging equipment for order-fulfillment operations during third quarter of 2015. The acquisitions will be beneficial to the company in the long term.
Sealed Air will benefit from its focus on adding products, generating savings from restructuring, interest savings and further share repurchases. Further, shedding non-core assets that are not performing as per expectations will aid the company's growth.
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