Fortune 500 firm Sealed Air moving HQ to Charlotte
CHARLOTTE, N.C. (AP) — Fortune 500 packaging company Sealed Air Corp. will consolidate management operations from several states and relocate its New Jersey headquarters to the Charlotte area, where it plans to employ nearly 1,300 jobs in three years.
The Elmwood Park, New Jersey-based maker of Bubble Wrap protective cushioning, food packaging and cleaning products will move all or part of its operations in Saddle Brook, New Jersey; Danbury, Connecticut; Racine, Wisconsin; and Duncan and Greenville, South Carolina, into a new headquarters complex in the Charlotte area costing more than $50 million. The company will also relocate a few employees from other locations.
The site consolidation was designed to increase collaboration and efficiency, Chief Executive Officer Jerome A. Peribere said.
"What better proof that we are able to reimage our company than gather our headquarters, gather our three divisions," said Peribere, who was promoted to the job last year.
The executive salaries moving to Charlotte mean the jobs will have an average annual salary of just under $120,000 a year compared to a Mecklenburg County average of $59,046 a year.
Sealed Air said in April after posting profits of $72 million for the first quarter of 2014 that it was on track to post full-year earnings at the upper end of the range of its forecast. The company announces second quarter results next Wednesday.
"This is going to be the largest Fortune 500 corporate headquarters relocation in Charlotte, North Carolina, history," Gov. Pat McCrory said at a news conference.
A North Carolina committee that approves the state's main tax break to attract businesses on Wednesday approved up to $36 million over 12 years if the company meets job and investment targets. The company also is expected to receive at least $5 million more in incentives from state and local governments.
The company had narrowed its search to Greenville, South Carolina, and Charlotte before selecting its new headquarters, North Carolina Commerce Department spokeswoman Kim Genardo said.
Sealed Air employs about 25,000 people and distributes products in 175 countries.