This agreement was approved by order of the US Bankruptcy Court for the District of Delaware on 27 June 2005. Pursuant to the terms of the settlement agreement, Cryovac Inc, a wholly owned subsidiary of Sealed Air, fulfilled its obligation with payments to asbestos claims trusts in the aggregate amount of $930m cash and 18 million shares of Sealed Air common stock.
“This is very positive news for Sealed Air, as the completion of the settlement has been anticipated for some time and now brings finality to a matter after more than a decade of preparation,” said Jerome A Peribere, president and CEO of Sealed Air. “It resolves asbestos-related claims against Sealed Air associated with WR Grace & Co. We will no longer incur interest on the settlement, which amounted to $48m in 2013. Additionally, we anticipate meaningful cash tax benefits over the next several years that will provide cash that we can use to continue to add value to our business.”
Source: Sealed Air Corporation
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