Sealed Air completes Diversey Holdings acquisition
Oct. 3, 2011
by Meat&Poultry Staff
ELMWOOD PARK, NJ – Sealed Air Corporation has completed its acquisition of Diversey Holdings, Inc, a leading solutions provider to the global cleaning and sanitation market. According to terms of the agreement, Diversey shareholders will receive $2.1 billion in cash and 31.7 million shares of Sealed Air common stock valued at $16.70 per share for a total consideration to shareholders of $2.6 billion.
Based in Sturtevant, Wis., with approximately 10,000 employees and 2010 net sales of $3.1 billion, Diversey joins Sealed Air as a reportable segment. The leadership teams of both Diversey and Sealed Air will remain in their roles as integration planning continues.
This acquisition combines two complementary, leading global organizations focused on protection. Sealed Air said it now offers the most comprehensive portfolio of solutions and industry expertise in food safety and security, facility hygiene and product protection. Broader capabilities expand the company’s ability to develop inventive end-to-end solutions for the food processing and food service industries, and we can now scale R&D resources, technologies and growth initiatives across a broader range of customers, geographies and applications.
Sealed Air expects to achieve operational cost efficiencies and incremental growth opportunities in industrial and commercial sectors, which use shared distribution channels to reach similar customers.
“I am pleased to formally welcome Diversey’s leadership team and employees to Sealed Air,” stated William Hickey, Sealed Air president and chief executive officer. “Today marks the beginning of an exciting new era of opportunity for Sealed Air, our employees and the customers we serve.”