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Sealed Air Corp.  (SEE) , maker of Bubble Wrap and Cryovac, climbed 4.51% to $33.86 Friday after the packaging and container company unveiled a restructuring plan intended to "drive profitable growth and earnings power."

The Charlotte-based company said in a statement that its "Reinvent SEE" initiative includes a three-year restructuring program to drive total annualized savings by the end of 2021 in the range of $215 to $235 million.

Sealed Air estimated the total cash cost of the new program to range from $190 million to $220 million, which will be incurred primarily in 2019 and 2020.

The company said the restructuring program costs include: "headcount related costs" in the range of $110 million to $125 million; other associated costs in the range of $70 million to $85 million; and about $10 million in capital expenditures.

Sealed Air said that from 2019 to 2021 total annualized savings from restructuring is estimated to be in the range of $240 million to $260 million. Total cash restructuring payments and costs associated with the restructuring programs are expected to range from $225 million to $255 million over the same period.

In 2019, Sealed Air expects total annualized savings to be in the range of $60 million to $80 million, which includes $25 million from the existing program, and total cash restructuring payments and costs to be in the range of $115 million to $135 million, which includes $35 million from the existing program. Savings in 2019 are expected to be partially offset by currency headwinds and inflationary costs.

Sealed Air said its existing restructuring program, largely related to the elimination of stranded costs, is expected to be completed in 2019. The company continues to expect restructuring savings and cash restructuring payments associated with this existing program to be about $25 million and $35 million, respectively.