Sealed Air (SEE) Soars to 2-Year High on Acquisition Reports

We recently published Market in Turmoil but These 10 Stocks Are on Fire. Sealed Air Corp. (NYSE:SEE) is one of the best-performing stocks on Thursday.

Sealed Air rallied to a new two-year high on Thursday, as investors gobbled up shares following reports that it is set to be acquired by investment firm Clayton, Dubilier and Rice (CD&R).

A report by Bloomberg, citing sources privy to the matter, said that Sealed Air Corp. (NYSE:SEE) is now in talks with CD&R for a possible deal.

While no agreement has yet been confirmed, the source was quoted as saying that any buyer could consider splitting Sealed Air Corp.’s (NYSE:SEE) food packaging and protective packaging units to unlock greater value.

In other news, Sealed Air Corp. (NYSE:SEE) earlier this month announced a strong earnings performance in the third quarter of the year, with net profit soaring 109.4 percent to $186 million from only $89 million in the same period last year, primarily driven by a $57 million special items income.

Net sales, however, ended flat at $1.3 billion as the 1 percent growth in the food segment was offset by a 1 percent dip in the protective unit.

Volumes and prices also decreased by 1 percent during the period.

Copyright: stocking / 123RF Stock Photo

Following the results, Sealed Air Corp. (NYSE:SEE) lowered the high-end range of its net sales guidance for the full year to $5.325 billion from $5.5 billion previously.

However, it raised the lower end range to $5.275 billion from $5.1 billion previously.

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Disclosure: None. This article is originally published at Insider Monkey.