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Diversey bought in $4.3 billion deal1st of June 2011
Cleaning and hygiene solutions giant Diversey has been acquired today in a deal worth US$ 4.3 billion. The buyer is Sealed Air Corporation, which specialises in food and industrial system solutions. Both companies have their headquarters in the US.
Under the terms of the agreement Diversey shareholders will receive $2.1 billion in cash and an aggregate of 31.7 million shares of Sealed Air common stock. Diversey is currently a privately-owned company - controlled by members of the Johnson family and private equity investment firm Clayton, Dubilier and Rice.
Employing over 10,000 people in more than 60 countries, Diversey generated net sales of $3.1 billion in 2010 and adjusted EBITDA of $453 million. Sealed Air operates in 52 countries, employs more than 16,000 people and generated net sales of $4.5 billion last year.
"This transaction represents a strategic growth opportunity that leverages Sealed Air's core competencies and positions our company to further capitalise on the megatrends that drive both businesses," said William Hickey, president and chief executive of Sealed Air.
Diversey's president and chief executive officer Edward Lonergan echoed his sentiments. "We share a culture of innovation and a global vision for our business. Like Sealed Air, Diversey is committed to sustainable solutions, both in terms of our business and in terms of helping our customers protect human health while reducing waste generation and consumption of natural resources."
Lonergan will continue to lead the Diversey business on completion of the deal, which is expected to be later this year.