Sealed Air invests $8M in Highcon through strategic collaboration

Highcon announced a $8M investment by Sealed Air in the context of a strategic collaboration between the two companies. The scope of the strategic collaboration includes the following components: developing new product offerings, expansion into new segments and enabling manufacturing efficiencies by leveraging Highcon technology; $8M investment in the form of convertible debt and 15% warrants to be converted by the fifth anniversary of the effective date at a price of 3.1 NIS per share; additional warrants to be granted against possible future purchases up to $20M of Highcon’s products and services over a period of three years. SEE, with revenues of $5.5B in 2021, is in business to protect, solve critical packaging challenges, and "make our world better than we find it." SEE has identified that Highcon’s digital paperboard converting capabilities and its unequalled knowhow around laser cutting of paperboard can support and accelerate their vision and business objectives. The strategic collaboration includes the purchasing of a Highcon Beam 2C system for delivery and installation in the first quarter of 2023. The in-house presence of the system will allow SEE to accelerate the testing of new designs and products, as well as the manufacturing and delivery of corrugated products to the company’s customers. SEE, with revenues of $5.5B in 2021, is in business to protect, solve critical packaging challenges, and "make our world better than we find it." SEE has identified that Highcon’s digital paperboard converting capabilities and its unequalled knowhow around laser cutting of paperboard can support and accelerate their vision and business objectives. The strategic collaboration includes the purchasing of a Highcon Beam 2C system for delivery and installation in the first quarter of 2023. The in-house presence of the system will allow SEE to accelerate the testing of new designs and products, as well as the manufacturing and delivery of corrugated products to the company’s customers.