On Jul 19, we maintained our Neutral recommendation on Sealed Air Corporation ( SEE ) based on expected benefits from its restructuring programs, leadership changes and recent implementation of price increases that will help counter material cost increases and rising inflation in the second quarter. However, increase in costs due to restructuring, and increase in debt and integration risks due to the Diversey acquisition remain concerns for this specialty packaging service provider. Why Reiterated? Sealed Air's first-quarter adjusted net earnings increased 6% to 17 cents per share. Volume in the Food & Beverage segment moved higher due to strong growth in emerging markets. Adjusted EBITDA benefited from higher volumes, operational efficiencies and reduced expenses. The company expects the recent implementation of price increases to counter material cost increases and rising inflation in the second quarter.