Sealed Air announces plan to pursue spin-off of Diversey Care

20th of October 2016
Sealed Air announces plan to pursue spin-off of Diversey Care

Sealed Air Corporation has announced a plan to pursue the spin-off of its Diversey Care division and the food hygiene and cleaning business within its Food Care division (together "New Diversey"), while the remaining Sealed Air business ("New Sealed Air") will continue as an independent public company.

Under the plan, if it goes ahead, Sealed Air's shareholders would own 100 per cent of the common stock of New Diversey following completion of the spin-off. The transaction is expected to be completed in the second half of 2017.

New Diversey will be led by Dr Ilham Kadri, currently president of Diversey Care. On a pro forma basis for the 12 months ended June 30 2016, New Diversey generated $2.6 billion in sales and had Adjusted EBITDA of $305 million.

"Sealed Air has created significant shareholder value by delivering leading innovations to our global customers, improving our quality of earnings and executing a disciplined capital allocation strategy," said Jerome Peribere, Sealed Air's president and chief executive officer.

"Our board and management team continually evaluate options to enhance shareholder value and we believe this spin-off will allow both New Sealed Air and New Diversey to realise their full potential."

www.sealedair.com

 

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