Sealed Air Corp., the maker of Bubble Wrap, Cryovac and other packaging and shipping products for several industries, said late Monday it will increase its prices by 5% to 10% in September due to rising input costs and inflation.
“Our price actions are a direct response to rising input costs and the expectation that this highly inflationary environment will continue,” Sealed Air /zigman2/quotes/208564360/composite SEE -2.73% Chief Executive Ted Doheny said in a statement.
The price increases will take effect on Sept. 15, the Charlotte, N.C., company said.
“We are working relentlessly to deliver ‘touchless’ automation and sustainable solutions to our customers that drive significant productivity and savings against this disruptive supply environment,” Doheny said.
The company’s stock has gained 23% so far this year, compared with gains of around 17% for the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.91% .