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SEALED AIR CORPORATION
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(Name of Registrant as Specified in Its Charter)
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June 18, 1999
Contact: Mary A. Coventry
J. Ryan Flanagan
SEALED AIR CORPORATION ADJOURNS
1999 ANNUAL MEETING OF STOCKHOLDERS FOR THE SECOND TIME
Company To Continue To Solicit Votes To Repeal Inherited Charter Provisions
Annual Meeting To Reconvene On July 16, 1999
SADDLE BROOK, N.J., Friday, June 18, 1999 - Sealed Air Corporation (NYSE-SEE)
announced today that it had adjourned its 1999 Annual Meeting of Stockholders
for the second time. The Company's Annual Meeting will reconvene on Friday, July
16, 1999 at 10:00 a.m. local time at the Company's headquarters at Park 80 East,
Saddle Brook, N.J.
The meeting was adjourned in order to accept additional votes and proxies from
stockholders of record as of March 24, 1999 on proposals to repeal three
provisions in the Company's Charter. The Sealed Air board has recommended that
stockholders vote for the repeal of these provisions: a classified board; a
prohibition against stockholder action by written consent; and an 80% vote
requirement for repeal or amendment of Company by-laws. These provisions were
inherited when the Sealed Air and Cryovac Packaging businesses were merged in
March of 1998. The repeal of these inherited provisions requires the affirmative
vote of at least 80% of the combined voting power of the Company's stock.
T. J. Dermot Dunphy, Sealed Air's Chairman and Chief Executive Officer, said,
"We are continuing our efforts to remove these inherited provisions that we
believe are not in the best interests of the Company and its stockholders. We
have already received a substantial favorable vote for these proposals and are
currently within approximately 3% of the required 80% approval. Of those who
have voted, over 98% have voted in favor of repealing these provisions. We
believe we are in sight of our goal."
At the first session of the Annual Meeting on May 21, 1999, the Company's
stockholders elected four Class I Directors of the Company and ratified the
appointment of KPMG LLP as the independent auditors of the Company for the year
ending December 31, 1999.
Sealed Air is engaged primarily in the manufacture and sale of a complementary
line of protective, food and specialty packaging materials and systems for
industrial, food and consumer uses. To view the Company's latest financial news
online via the World Wide Web, visit http://www.cfonews.com/see.
