Sealed Air Corp. — which is known for its Bubble Wrap brand — is moving its headquarters from Elmwood Park, N.J., to Charlotte, N.C., and in the process planning to relocate more than 1,200 jobs.
The move of the $7.7 billion company to Charlotte also will include “all or part” of facilities in Saddle Brook, N.J., Danbury, Conn.; Racine, Wis.; and Duncan and Greenville, S.C., according to North Carolina Gov. Pat McCrory's office. A small number of employees from other locations also will make the move.
Sealed Air is relocating its headquarters, research and development facilities and corporate offices to the new site.
Sealed Air expects to spend $58 million on a long-term lease with a developer that will construct the new headquarters campus.
The company is in line to receive tens of millions in grants to make the move. That will be in the form of 12 annual grants equal to 55 percent of the state personal income tax withholdings from eligible new jobs.
That award could total $36.7 million over 12 years for the 1,262 jobs, the state said.
“We are confident Charlotte will provide a great environment for us to operate and grow our business moving forward,” said Jerome Peribere, president and CEO of Sealed Air, in a statement. “This move will contribute to a stronger, one-company culture that will enable greater collaboration, efficiencies, and better use of our investments in people and new technologies.”
Sealed Air already has production facilities in Richmond and Caldwell counties in North Carolina as well as sales offices throughout the state, North Carolina said.
The average annual salary of the jobs being moved to North Carolina is $119,482, more than double the Mecklenburg County average of $59,046, the state said.
Sealed Air expects to relocate the jobs to Charlotte over the next three years.
The company will maintain manufacturing in Saddle Brook and Danbury as well as “certain operations in Duncan. Manufacturing operations in Simpsonville and Seneca, S.C., also will remain.
“We considered numerous criteria in making our decision.” said Peribere in the statement. “We believe Charlotte's many attributes, including its solid economy and its reputation for business friendliness, technology and innovation, make it an ideal place for our employees to live and work.”
Sealed Air's brands also include Cryovac food packaging and Diversey cleaning and hygiene products.