Sealed Air Acquires Chevron Phillips Chemical’s Oxygen Scavenging Business

DUNCAN, S.C. (July 25, 2007) – Sealed Air Corporation has announced the acquisition of Chevron Phillips Chemical Company LP’s oxygen scavenging business, which includes production assets, patents and other intellectual properties for oxygen scavenging technology that can be used in the food, medical and pharmaceutical industries.

“We are pleased to build on our global patent portfolio of active packaging technologies,” stated Jim Mize, global vice president of new opportunities for Sealed Air’s Cryovac Food Solutions.

Cryovac® OS (oxygen scavenging) films in the marketplace are established for various applications in the food industry such as the lidding on thermoformed packages or trays, and Horizontal Form/Fill/Seal (HFFS) or Vertical Form/Fill/Seal (VFFS) pouch applications.

Although terms of the acquisition were not disclosed, Sealed Air does not expect the transaction to be material to its consolidated financial position or results of operations.

For more information about Cryovac® oxygen scavenging technology, visit www.osfilms.com or call 1-800-845-3456.