Highcon and SEE Announce Strategic Collaboration

$8M Investment in Convertible Debt and Purchase of First Highcon Beam 2C

Highcon (TASE: HICN) today announced a $8M investment by Sealed Air Corporation (NYSE: SEE) 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 5th 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 $20 million of Highcon’s products and services over a period of 3 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.

“Over the past months, the SEE team has been really impressed with the talent at Highcon and the company’s culture.  Highcon’s technology and capabilities represent a meaningful opportunity for SEE” said Sergio Pupkin, SVP and Chief Growth & Strategy Officer, SEE.  “Highcon’s sustainability value proposition aligns with and can help us advance our vision and plans.  The roadmap we are developing together is exciting, and our investment in Highcon is a natural first step in this context.”

“SEE is taking Highcon’s technology to places that were beyond the way that we typically defined our market opportunity.  Growing that opportunity, entering new application spaces, and working together with a world class partner is very exciting” said Shlomo Nimrodi, Highcon’s CEO.  “It’s particularly gratifying to see how SEE reacted to the talent and passions of the Highcon team, and their recognition of the strategic value of our technology.  I’m confident that it’s just the beginning as we prove our value to SEE to enable further expansion of our relationship.  I’m proud of what we’ve built so far at Highcon, and with this strategic partnership, we can move farther and faster. We are certainly expecting that this collaboration will have positive impact on the company’s existing business.”

In recent months, teams from Highcon and SEE have collaborated to explore the application of Highcon’s solutions and technology to a range of different activities.  “We’ve demonstrated that Highcon offers so much more than might at first meet the eye” added Nimrodi.  “I am proud that we’ve been able to reach an agreement like this despite the current challenging environment.”

Share Press Release post

More Press Releases

DS Smith Leads Packaging Innovation with Installation of First Highcon Beam 3

Groundbreaking digital die cutting system to be installed to DS Smith Packaging France

More Info
Durham Box Purchases First Highcon Beam 2C in the UK market

Durham Box, part of the Logson Group, Purchases First Highcon Beam 2C Digital Die Cutting System in the UK market. The first in the UK to join the Vulcan Option Program

More Info
NAPCO Purchases Beam 2 to Enhance Digital Packaging Capabilities

Meeting demand for cost-effective, customizable, quick-turn solutions with no tooling and faster lead times

More Info
Skip to content