Linus Unah – Fourth Estate Contributor
Charlotte, NC, United States (4E) – U.S. food packaging company Sealed Air Corp Monday said it would sell its Diversey Care division as well as its food hygiene and cleaning business to global private investment firm Bain Capital Private Equity for about $3.2 billion.
The new entity, which will be known as New Diversey, is expected to be a leading hygiene and cleaning solutions company, Sealed Air said in a news release on its website.
New Diversey would intergrate chemicals, floor care machines, tools and equipment, with a wide range of technology based value-added services, food safety services and water and energy management.
The company said the new entity would continue to employ about 8,600 people globally.
Diversey Care and the related food hygiene businesses combined generated net sales of about $2.6 billion last year, according to the news release.
“We are pleased that New Diversey has a strong partner to support future growth initiatives and drive further expansion,” Jerome A. Peribere, president and chief executive officer of Sealed Air, said in a statement.
“Bain Capital’s integrated global platform and strong growth orientation are well aligned with the strategic vision for Diversey.”
Upon completion, Sealed Air expects to use the proceeds to repay debt, repurchase shares and fund core growth initiatives.
The transaction is expected to close in the second half of 2017, and is subject to certain regulatory approvals.
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