Sealed Air sees no material effect on FY17 results from recent Russia sanctions
In a regulatory filing, Sealed Air stated: "The U.S. and the European Union have recently imposed sanctions on various sectors of the Russian economy and on transactions with certain Russian nationals and entities. Russia has also announced economic sanctions against the U.S. and other nations that include a ban on imports of certain products. These sanctions are not expected to have a material impact on our business as much of the operations in Russia support local production; however they may limit the amount of future business the Company does with customers involved in activities in Russia. However, as of June 30, 2017, we do not anticipate these events will have a material impact to our 2017 result of operations. As of June 30, 2017, approximately 2% of our consolidated net sales were derived from products sold into Russia. As of June 30, 2017, we had net assets of $82M, including $14M of cash and cash equivalents, in Russia. Also, as of June 30, 2017, our Russian subsidiaries had a negative cumulative translation adjustment balance of $46M."