Takes specialist packaging firm into cleaning and sanitation market
Sealed Air Corporation, a protective packaging specialist, has completed its acquisition of Diversey Holdings, a supplier to the global cleaning and sanitation market.
Sealed Air said the deal would make it a world leader in food safety and security, facility hygiene and product protection. It will now be able to ‘provide more solutions for the food processing and food service industries, and scale up r&d resources, technologies and growth initiatives across a broader range of customers, geographies and applications’.
Under the terms of the agreement, Diversey shareholders will receive US$2.1bn 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 $2.6bn.
‘We are now a global leader in protection with inventive solutions in food safety and security, facility hygiene and product packaging that protect what we eat and drink, where we go, and the valuable goods we ship,’ said William Hickey, president and chief executive of Sealed Air.