-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vp/TpYGcLCJ4+dxfWjCpNCCV3aQ/b5oDso9Shnqs5GRmc2p4Xrm2w31g6E4uyCsv EzOSCpW3AWpBe8UIUUj0BA== 0000950103-98-000452.txt : 19980430 0000950103-98-000452.hdr.sgml : 19980430 ACCESSION NUMBER: 0000950103-98-000452 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980402 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980429 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEALED AIR CORP/DE CENTRAL INDEX KEY: 0001012100 STANDARD INDUSTRIAL CLASSIFICATION: UNSUPPORTED PLASTICS FILM & SHEET [3081] IRS NUMBER: 650654331 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 001-12139 FILM NUMBER: 98604569 BUSINESS ADDRESS: STREET 1: PARK 80 EAST CITY: SADDLE BROOK STATE: NJ ZIP: 07663 BUSINESS PHONE: 2017917600 MAIL ADDRESS: STREET 1: PARK 80 EAST CITY: SADDLE BROOK STATE: NJ ZIP: 07663 FORMER COMPANY: FORMER CONFORMED NAME: WR GRACE & CO/DE DATE OF NAME CHANGE: 19961015 FORMER COMPANY: FORMER CONFORMED NAME: GRACE HOLDING INC DATE OF NAME CHANGE: 19960805 8-K/A 1 =============================================================================== SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A Amended CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 2, 1998 SEALED AIR CORPORATION -------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 1-12139 65-0654331 - ------------------------------- ------------------------ ------------------ (State or Other Jurisdiction of (Commission File Number) (IRS Employer Incorporation) Identification No.) Park 80 East Saddle Brook, New Jersey 07663 ------------------------------------------- ------------------ (Address of Principal Executive Offices) (Zip Code) (201) 791-7600 ------------------------------------------------------------- (Registrant's telephone number, including area code) W. R. Grace & Co. One Town Center Road Boca Raton, Florida 33486-1010 ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) =============================================================================== ITEM 4. Changes in Registrant's Certifying Accountant. (a) Previous independent accountants (i) Effective April 2, 1998, and in connection with the consummation of the recapitalization (the "Recapitalization") of the Registrant and merger (the "Merger") of a wholly owned subsidiary of the Registrant with and into Sealed Air Corporation (US) ("Old Sealed Air"), the Registrant dismissed Price Waterhouse LLP as its independent accountants. (ii) The reports of Price Waterhouse LLP on the financial statements of Registrant for the past two fiscal years contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. (iii) Effective April 2, 1998, the Registrant's Board of Directors approved the change in the Registrant's independent accountants. (iv) In connection with its audits for the two most recent fiscal years and through April 2, 1998, there have been no disagreements with Price Waterhouse LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreements, if not resolved to the satisfaction of Price Waterhouse LLP, would have caused them to make reference therein in their report on the financial statements for such years. (v) During the two most recent years and through April 2, 1998, there have been no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)). (vi) On April 2, 1998, the Registrant requested that Price Waterhouse LLP furnish it with a letter addressed to the Commission stating whether or not Price Waterhouse LLP agrees with the above statements. A copy of such letter dated April 2, 1998, is filed as Exhibit 16 to this Form 8-K. (vii) The Registrant consulted with Price Waterhouse LLP concerning the accounting treatment of the Merger. In accordance with the advice of Price Waterhouse LLP, the Merger has been treated as a purchase by the Registrant of Old Sealed Air. (b) New independent accountants As noted above, subsequent to the consummation of the Recapitalization and Merger, the Registrant engaged, subject to stockholder approval at the Registrant's 1998 Annual Meeting, KPMG Peat Marwick LLP ("KPMG") as its independent accountants to examine and report on the Registrant's financial statements at and for the year ended December 31, 1998. Reference is made to the Registrant's Report on Form 8-K dated August 18, 1997 (as amended by the Form 8-K/A filed on August 21, 1997) for a description of the transactions comprising the Recapitalization and Merger. The engagement of KPMG was approved by the Registrant's Board of Directors effective April 2, 1998. Prior to the Recapitalization and Merger, KPMG were the independent accountants for Old Sealed Air. Old Sealed Air consulted with KPMG concerning the accounting treatment of the Merger. In accordance with the advice of KPMG, the Merger has been treated as a purchase by the Registrant of Old Sealed Air. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (a) Financial Statements of Business Acquired Not applicable. (b) Pro Forma Financial Information Not applicable. (c) Exhibits Exhibit 16 Letter from Price Waterhouse LLP pursuant to Regulation S-K, Item 304 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Amendment to be signed on its behalf by the undersigned hereunto duly authorized. SEALED AIR CORPORATION By: /s/ T. J. Dermot Dunphy ---------------------------------- Name: T. J. Dermot Dunphy Title: Chairman of the Board and Chief Executive Officer Date: April 29, 1998 EXHIBIT INDEX Exhibit No. Description - ----------- -------------------- 16 Letter from Price Waterhouse LLP pursuant to Regulation S-K, Item 304 EX-16 2 Exhibit 16 [Price Waterhouse LLP Letterhead] April 29, 1998 Securities and Exchange Commission 450 5th Street, N.W. Washington, D.C. 20549 Ladies and Gentlemen: We have read Item 4 of Sealed Air Corporation (formerly W. R. Grace & Co.) Form 8-K/A dated April 29, 1998 and are in agreement with the statements contained in paragraph 4(a) therein. Yours very truly, /s/ Price Waterhouse LLP -----END PRIVACY-ENHANCED MESSAGE-----