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While we believe that Sealed Air is one of the few packaging companies (along with Avery Dennison) that have a truly international franchise and a strong brand name, current valuations are in line with historical levels and thus on our 2-Equal rating.

While we estimate that the global packaging market should grow at a 4% to 4.5% rate annually (compared with 3% to 3.5% growth in global GDP), the developing economies are likely to grow in the 10% range, offsetting the slow growth mature economies of the west.

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