Sealed Air Corp, the maker of Bubble Wrap packaging yesterday said it would buy cleaning products maker Diversey Holdings for $4.3 billion in a cash-and-stock deal, to enter the $40 billion-plus chemical cleaning and hygiene industry.
Sturtevant, Wisconsin-based Diversey is a leading global provider of commercial cleaning, sanitation and hygiene solutions. The company serves customers in the building management, lodging, food service, retail, health care, and food and beverage sectors.
Diversey is a privately-owned company, controlled by members of the Johnson family and private equity investment firm Clayton, Dubilier & Rice.
With sales in more than 175 countries and employing more than 10,000 people, Diversey generated revenues of $3.1 billion last year.
Elmwood Park, New Jersey-based Sealed Air is a leading global innovator and manufacturer of a wide range of packaging and performance-based materials and equipment systems that serve an array of food, industrial, medical, and consumer applications.
Sealed Air has widely recognised brands such as Bubble Wrap brand cushioning, Jiffy protective mailers, Instapak foam-in-place systems and Cryovac packaging technology,
The company operates in 52 countries, employs more than 16,000 people and had sales of $4.5 billion in 2010.