Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, has agreed to acquire Sturtevant, WI-based Diversey Holdings, Inc. Diversey manufactures cleaning, sanitization and hygiene products for industrial and retail customers. The transaction is valued at $4.3 billion.
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In 2010, Diversey generated net sales of $3.1 billion. Diversey employs more than 10,000 people worldwide and operates in more than 60 countries.
\”This transaction represents a strategic growth opportunity that leverages Sealed Air’s core competencies and positions our company to further capitalize on the megatrends that drive both businesses,\” said William V. Hickey, president and CEO of Sealed Air. \”With Diversey, we will expand our footprint beyond specialty packaging solutions by gaining entry into a $40+ billion chemical cleaning and hygiene industry that has attractive fundamentals and is already in our value chain.\”
At the close of the transaction, Edward F. Lonergan, president and CEO of Diversey, and his team will join Sealed Air, and Lonergan will continue to lead the Diversey business. Sealed Air plans to maintain Diversey’s Americas business unit and R&D functions in Racine, WI.
