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Sealed Air Nears Sale Of Diversey Care
In October, Sealed Air Corporation announced a plan to spin off 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”) would continue as an independent public company.
But now, according to recent Reuters reporting, Sealed Air Corp is in exclusive talks to sell Diversey Care to private equity firm Bain Capital LLC for between $3 billion and $4 billion. The deal would allow Sealed Air to focus on its higher-margin food, product and medical packaging operations by shedding the hygiene and cleaning solutions division.
Reports indicate that Sealed Air could announce a deal with Bain before the end of March, but if negotiations were to break down, Sealed Air would revert to its previous plan to spin off Diversey.
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