Sealed Air sell Diversey Carlyle $377 million

Sealed Air to sell Diversey to Carlyle for $377 million

12:18 PM, 30th October 2012
Sealed Air to sell Diversey to Carlyle for $377 million
William V Hickey, CEO, Sealed Air.

ELMWOOD PARK, US: Sealed Air Corporation has entered into a definitive agreement with an investment vehicle of The Carlyle Group, for Carlyle to acquire Diversey GK for gross proceeds of approximately ¥30 billion ($377 million). The transaction is expected to be completed in the fourth quarter of 2012, subject to the satisfaction of customary closing conditions.

The price will be subject to certain purchase price adjustments. The company noted that Diversey Japan will now be accounted for as a discontinued operation as of 30 September 2012, which is expected to impact third quarter 2012 net earnings per share by $0.03.

“The determination to sell Diversey Japan follows a strategic portfolio review aimed at focusing on higher growth countries in which our portfolio offers the greatest potential. We are very committed to our strategy of growing our presence in food safety and security, facility hygiene and product protection globally. We intend to continue our close relationship with Diversey Japan as we collaborate in areas such as product development, procurement and providing quality service to customers. The sale of Diversey Japan allows us to continue to offer leading solutions and service levels, while accelerating debt reduction and generating value for our stockholders,” said William V Hickey, CEO, Sealed Air.

© WOC News 



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