-----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, SAi+bn4XAEAhSomSXLF5Dsw/Cpuld3BuG2qPZoacImxuX2EL2BD07nffpI/+PEHm Urk1L513gcb77x89nCJ07A== 0000088204-95-000042.txt : 19951003 0000088204-95-000042.hdr.sgml : 19951003 ACCESSION NUMBER: 0000088204-95-000042 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19950929 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEALED AIR CORP CENTRAL INDEX KEY: 0000088204 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PLASTIC PRODUCTS [3080] IRS NUMBER: 221682767 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 033-58843 FILM NUMBER: 95577591 BUSINESS ADDRESS: STREET 1: PARK 80 EAST CITY: SADDLE BROOK STATE: NJ ZIP: 07662 BUSINESS PHONE: 2017917600 FORMER COMPANY: FORMER CONFORMED NAME: CHAVANNES M A DATE OF NAME CHANGE: 19670406 424B3 1 Rule 424(b)(3) Filing Registration Statement No. 33-58843 Prospectus 10,144 SHARES SEALED AIR CORPORATION COMMON STOCK (PAR VALUE $0.01 PER SHARE) This Prospectus relates to 10,144 outstanding shares (the "Shares") of Common Stock, par value $0.01 per share (the "Common Stock"), of Sealed Air Corporation, a Delaware corporation ("Sealed Air"), that are being sold for the account of a stockholder (the "Selling Stockholder") of Sealed Air. See "Plan of Distribution" for a brief description of the plan of distribution of the Shares. Sealed Air will not receive any proceeds from the sale of the Shares. Except as specifically indicated, all share amounts and prices in this Prospectus have been adjusted to reflect a two-for-one split-up (the "Split") of the Common Stock in the nature of a stock dividend distributed on September 29, 1995 to stockholders of record at the close of business on September 15, 1995. The Common Stock is traded on the New York Stock Exchange. The last reported sale price of Sealed Air Common Stock on the New York Stock Exchange-Composite Transaction Index on September 28, 1995 was $27.38 per share. Neither delivery of this Prospectus nor any disposition or acquisition of Common Stock made pursuant to this Prospectus shall, under any circumstances, create any implication that there has been no change in the information set forth herein or incorporated by reference herein since the date of this Prospectus or since the dates as of which information is set forth herein or incorporated by reference herein. No person is authorized to give any information or to make any representations other than as contained herein, and if given or made, such information or representations must not be relied upon as having been authorized by Sealed Air. This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy shares of the Common Stock in any state to any person to whom it is unlawful to make such offer or solicitation in such state. THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. The date of this Prospectus is September 29, 1995. STATEMENT OF AVAILABLE INFORMATION Sealed Air is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in accordance therewith files reports, proxy statements and other information with the Securities and Exchange Commission ("SEC"). Such reports, proxy statements and other information filed by Sealed Air can be inspected and copied at the Public Reference Section of the SEC located at 450 Fifth Street, N.W., Room 1024, Washington, D.C. 20549, and at regional public reference facilities maintained by the SEC located at 500 West Madison Street, Suite 1400, Chicago, Illinois 60661, and at 7 World Trade Center, Suite 1300, New York, New York 10048. Certain of such materials are also available through the SEC's Electronic Data Gathering and Retrieval System ("EDGAR"). Copies of such material can be obtained from the Public Reference Section of the SEC by mail at prescribed rates. Requests should be directed to the SEC's Public Reference Section, Room 1024, Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549. Sealed Air's reports, proxy statements and other information concerning Sealed Air can also be inspected at the offices of the New York Stock Exchange, 20 Broad Street, New York, New York 10005. Sealed Air has filed with the SEC a Registration Statement (together with all amendments and exhibits thereto, "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act") covering the securities offered hereby. This Prospectus does not contain all of the information set forth in the Registration Statement, certain parts of which are omitted from this Prospectus in accordance with the rules and regulations of the SEC. For further information, reference is made to the Registration Statement. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE The following documents filed by Sealed Air (File No. 1-7834) with the SEC are hereby incorporated by reference into this Prospectus: (a) Sealed Air's Annual Report on Form 10-K for the year ended December 31, 1994, which incorporates by reference audited consolidated financial statements of Sealed Air for the three years ended December 31, 1994 that appear in Sealed Air's 1994 Annual Report to Stockholders, as amended by Amendment No. 1 on Form 10-K/A to such Annual Report on Form 10-K filed May 16, 1995; (b) Sealed Air's Current Report on Form 8-K, Date of Report January 10, 1995, reporting the acquisition by Sealed Air of Trigon Industries Limited and including certain consolidated financial statements of Trigon Industries Limited and certain unaudited and pro forma financial information of Sealed Air as and for the year ended December 31, 1994, as amended by Amendment No. 1 on Form 8-K/A to such Current Report on Form 8-K filed August 10, 1995; (c) Sealed Air's Quarterly Reports on Form 10-Q for the quarters ended March 31, 1995 and June 30, 1995; and 2 (d) the description of Sealed Air's capital stock which is contained in Item 1 of Sealed Air's Registration Statement on Form 8-A dated May 1, 1979. All documents filed by Sealed Air with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this Prospectus and prior to the termination of the offering of the securities covered by this Prospectus shall be deemed to be incorporated by reference in this Prospectus and to be a part hereof from the respective date of filing of each such document. Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed documents which also is or is deemed to be incorporated by reference herein or in any prospectus supplement modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus. COPIES OF THE ABOVE DOCUMENTS (EXCLUDING EXHIBITS TO SUCH DOCUMENTS, UNLESS SUCH EXHIBITS HAVE BEEN SPECIFICALLY INCORPORATED BY REFERENCE THEREIN) MAY BE OBTAINED UPON ORAL OR WRITTEN REQUEST WITHOUT CHARGE FROM THE SECRETARY, SEALED AIR CORPORATION, PARK 80 EAST, SADDLE BROOK, NEW JERSEY 07663-5291 (TELEPHONE NUMBER 201-791-7600). 3 THE COMPANY Sealed Air Corporation and its subsidiaries are engaged primarily in the manufacture and marketing of protective and specialty packaging materials and systems. Originally formed in 1960, Sealed Air is incorporated in the State of Delaware and has its principal executive office at Park 80 East, Saddle Brook, New Jersey 07663-5291 (Telephone: 201-791-7600). SELLING STOCKHOLDER The shares subject to this offering (the "Shares"), as listed below, may be offered hereunder from time to time by the Selling Stockholder named below so long as the Registration Statement of which this Prospectus forms a part remains effective. Sealed Air has agreed with the Selling Stockholder to use its commercially reasonable efforts to keep the Registration Statement of which this Prospectus forms a part effective until January 25, 1998. Number of Shares Number of Shares Name of Selling Held Prior Subject to Stockholder to This Offering This Offering Aud Rolseth Sanner 10,144 10,144 All of the shares covered by this Prospectus were issued by Sealed Air pursuant to a Stock Purchase Agreement dated as of May 30, 1994, as amended (the "Stock Purchase Agreement"), between Sealed Air B.V., a Netherlands company and a wholly-owned subsidiary of Sealed Air (the "Purchaser"), Aud Rolseth Sanner, a Norwegian individual (the "Selling Stockholder"), and Sealed Air, pursuant to which the Purchaser acquired all of the outstanding shares of Emballasje-Teknikk AS, a Norwegian company (the "Acquired Company"), on September 8, 1994 (the "Emtek Acquisition"). The Stock Purchase Agreement contains mutual indemnification provisions between Sealed Air and the Selling Stockholder covering this registration and offering. The Selling Stockholder did not hold any position or have a material relationship with Sealed Air or any affiliate of Sealed Air during the three years preceding the consummation of the Emtek Acquisition. Since the Emtek Acquisition, the Selling Stockholder has served as the general manager and a director of the Acquired Company, which as a result of the Emtek Acquisition is an indirect wholly-owned subsidiary of Sealed Air. Under the Stock Purchase Agreement, the purchase price is to be paid in four installments, the first of which was paid at the closing on September 8, 1994, with the others payable on January 25, 1995, January 25, 1996 and September 8, 1997. Each installment can be paid, at the Purchaser's option, in cash, in shares of Sealed Air's Common Stock valued at the time such shares are issued, or in a combination of cash and shares of Sealed Air's Common Stock, subject to a cumulative limit on the two remaining future payments in shares of Sealed Air's Common Stock of shares valued at 3,625,000 Norwegian krona. The shares covered by this Prospectus were issued in partial payment of the installment paid on January 25, 1995. 4 Based on information furnished to Sealed Air by the Selling Stockholder, the only shares of Sealed Air Common Stock owned by her at the commencement of this offering were the shares which she acquired in the January 25, 1995 installment. Sealed Air has been advised that 11,079 (pre-Split) shares of Sealed Air's Common Stock that were issued to the Selling Stockholder at the closing on September 8, 1994 were resold by the Selling Stockholder before the date of this Prospectus under a registration statement previously filed by Sealed Air in order to permit such resale. Sealed Air has agreed with the Selling Stockholder that, if additional shares of Sealed Air's Common Stock are issued in payment of future installments due under the Stock Purchase Agreement, it will file registration statements with respect to the shares so issued in order to permit their resale by the Selling Stockholder on substantially the same terms and conditions as this Registration Statement. PLAN OF DISTRIBUTION Sealed Air has been advised that the Shares may be sold from time to time by the Selling Stockholder or by her pledgees, donees, transferees or other successors in interest. Such sales may be made in one or more transactions on the New York Stock Exchange, including ordinary brokers' transactions, block transactions, privately negotiated transactions effected on that Exchange, or through sales to one or more brokers or dealers for resale of such Shares as principals on or off such Exchange, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. Sealed Air has also been advised that usual and customary or specially negotiated brokerage fees or commissions may be paid by the Selling Stockholder in connection with such sales, where appropriate, and that no agreements, arrangements or understandings have been entered into with brokers or dealers pertaining to the distribution of the Shares. The Selling Stockholder and any brokers or dealers that participate with the Selling Stockholder in effecting transactions in the Shares may be deemed, without so admitting, to be underwriters. Any profits received by the Selling Stockholder and any discounts, fees or commissions received by such brokers or dealers might be deemed to be underwriting discounts or commissions under the Securities Act. In addition, any of the Shares that qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than pursuant to this Prospectus. Sealed Air will not receive any proceeds from the sale of the Shares. LEGAL OPINION The validity of the shares of Common Stock offered hereby has been passed upon for Sealed Air by Robert M. Grace, Jr., Esq., General Counsel and Secretary of Sealed Air. As of the date of this Prospectus, Mr. Grace was employed by Sealed Air and was the beneficial owner of approximately 98,316 shares of Sealed Air Common Stock. EXPERTS The consolidated financial statements and financial statement schedule of Sealed Air and its subsidiaries as of December 31, 1994 and 1993 and for each of the years in the three-year period ended December 31, 1994 incorporated by reference in this Prospectus and in the Registration Statement have been incorporated by reference herein and in the Registration Statement in reliance upon the reports of KPMG Peat Marwick LLP, independent certified 5 public accountants, and upon the authority of such firm as experts in auditing and accounting. The 1994 report of KPMG Peat Marwick LLP covering the aforementioned consolidated financial statements refers to a change in Sealed Air's method of accounting for income taxes during 1993. The consolidated financial statements of Trigon Industries Limited prepared in accordance with New Zealand generally accepted accounting principles as of June 30, 1994 and for the year then ended have been incorporated by reference herein and in the Registration Statement by reference to Sealed Air's Current Report on Form 8-K reporting an event that occurred on January 10, 1995, as amended by Sealed Air's Amendment No. 1 on Form 8-K to such Current Report on Form 8-K filed August 10, 1995, in reliance upon the report of Ernst & Young, independent chartered accountants, given upon the authority of such firm as experts in auditing and accounting. 6 -----END PRIVACY-ENHANCED MESSAGE-----