SEALED AIR CORP/DE: restructuring charge — Sealed Air updates CTO2Grow restructuring cash costs to $140-$160M

SEALED AIR CORP/DE

Total estimated cash costs of $140M-$160M, comprising $90M-$95M headcount, $25M-$30M contract termination, $20M-$25M other, and $5M-$10M capex.
Amendment to prior 8-K filed Aug 8, 2023; provides updated cost breakdown for Reinvent SEE 2.0 program.
Program spans 3 years, aimed at cost take-out and growth initiatives.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SEALED AIR CORP/DE announced a restructuring with charges of $140 to $160 million ($90 to $95 million in headcount related costs).

Type: restructuring
Charge: $140 to $160 million
Headcount: $90 to $95 million in headcount related costs

Exact text from the filing

The Company expects to incur total cash costs in the range of approximately $140 to $160 million, which is subject to future changes, in connection with the initiatives associated with the CTO2Grow Program.

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Source: SEC EDGAR

accession 0001628280-23-036720

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