Bubble wrap maker Sealed Air Corp. has agreed to purchase foam manufacturing company Fagerdala Singapore Pte Ltd. for $100 million.
The deal is expected to close in October of this year
Fagerdala is headquartered in Singapore and generated over $80 million in sales for 2016. The acquisition of the company goes in line with Sealed Air’s plan to establish a stronger global presence.
“With the acquisition of Fagerdala, we will significantly expand our presence and manufacturing footprint in Asia,” said Kenneth Chrisman, president of Sealed Air’s Product Care Division, in a press release.
Paul Yeo, executive chairman of Fagerdala, said the deal will allow the combined companies to respond more rapidly to consumers.
“We are extremely proud of our rich history, and more importantly, immensely excited to be a part of Sealed Air Asia,” said Yeo in a statement.
The acquisition is the latest big change at Sealed Air.
Besides relocating its headquarters from New Jersey to Charlotte just last year, the company completed a $3.2 billion deal earlier this month after selling off its cleaning equipment business, Diversey, and announced that Chief Executive Officer Jerome Peribere will retire at the end of the year.
Sealed Air’s stock closed Wednesday at $43.32, down 20 cents.