Sealed Air completes acquisition of Diversey Holdings

Sealed Air Corporation announced today that it has completed its previously announced acquisition of Diversey Holdings, Inc. (“Diversey”), a leading solutions provider to the global cleaning and sanitation market. Under the 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. Diversey, based in Sturtevant, Wisconsin, with approximately 10,000 employees and 2010 net sales of $3.1 billion, 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.

The company said the new organisation will simplify its organisational structure and reduce complexity, bring advantages through economies of scale in key market sectors and geographies, focus and accelerate growth in developing markets across all businesses and maximise shared customer and development opportunities in the food and beverage unit.

The new organisation will consist of the business units and a developing markets group to support the global businesses and accelerate growth in Africa, Asia, India, the Middle East and Turkey, the company said. The new structure is expected to be implemented in 2012 and will replace Sealed Air’s six business unit structure and Diversey’s four region-based structure.

Source: Sealed Air