Sealed Air Announces Sale of New Diversey to Bain Capital Private Equity
-
Announces sale of New Diversey to Bain Capital Private Equity for
approximately
$3.2 billion -
Increases share repurchase program by an additional
$1.5 billion
New Diversey will be a leading hygiene and cleaning solutions company
that integrates chemicals, floor care machines, tools and equipment,
with a wide range of technology based value-added services, food safety
services and water and energy management. New Diversey will continue to
employ approximately 8,600 people globally. Diversey Care and the
related food hygiene businesses combined generated net sales of
approximately
“We are pleased that New Diversey has a strong partner to support future growth initiatives and drive further expansion. Diversey Care and its related hygiene business has built an impressive innovation pipeline that includes the Internet of Clean™, robotics and AHP disinfection technologies, revamped its go-to-market strategy and significantly improved profitability,” said Jerome A. Peribere, President and Chief Executive Officer. “New Sealed Air, a leading provider of food, product and medical packaging solutions, will continue to focus on accelerating profitable growth and generating strong cash flow through end market opportunities and the global adoption of new products and solutions. Sealed Air’s advanced product portfolio is designed to reduce waste, conserve resources and provide product security, and deliver unique and measurable value to customers and the planet.”
“Diversey has a long track record of leadership in the hygiene and
cleaning solutions market on a global basis,” said
Upon closing of the transaction,
The sale of New Diversey is expected to close in the second half of
2017, and is subject to certain regulatory approvals and customary
closing conditions. The Acquisition includes a formal offer to acquire
certain of Diversey's business in
Citi is acting as financial advisor, and
Peribere and
About
About
Bain Capital Private Equity (www.baincapitalprivateequity.com)
has partnered closely with management teams to provide the strategic
resources that build great companies and help them thrive since our
founding in 1984. Our team of more than 220 investment professionals
creates value for our portfolio companies through our global platform
and depth of expertise in key vertical industries, including
industrials, consumer/retail, financial and business services,
healthcare, and technology, media and telecommunications. In addition to
private equity,
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 concerning our business, consolidated
financial condition and results of operations. Forward-looking
statements are subject to risks and uncertainties, many of which are
outside our control, which could cause actual results to differ
materially from these statements. Therefore, you should not rely on any
of these forward-looking statements. Forward-looking statements can be
identified by such words as “anticipates,” “believes,” “plan,”
“assumes,” “could,” “should,” “estimates,” “expects,” “intends,”
“potential,” “seek,” “predict,” “may,” “will” and similar references to
future periods. All statements other than statements of historical facts
included in this press release regarding our strategies, prospects,
financial condition, operations, costs, plans and objectives are
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding expected future
operating results, expectations regarding the results of restructuring
and other programs, anticipated levels of capital expenditures and
expectations of the effect on our financial condition of claims,
litigation, environmental costs, contingent liabilities and governmental
and regulatory investigations and proceedings. The following are
important factors that we believe could cause actual results to differ
materially from those in our forward-looking statements: the tax
benefits associated with the Settlement agreement (as defined in our
2016 Annual Report on Form 10-K), global economic and political
conditions, changes in our credit ratings, changes in raw material
pricing and availability, changes in energy costs, competitive
conditions, the success of the separation of the Diversey Care and
related hygiene business, the success of our restructuring activities,
currency translation and devaluation effects, the success of our
financial growth, profitability, cash generation and manufacturing
strategies and our cost reduction and productivity efforts, the success
of new product offerings, the effects of animal and food-related health
issues, pandemics, consumer preferences, environmental matters,
regulatory actions and legal matters, and the other information
referenced in the “Risk Factors” section appearing in our most recent
Annual Report on Form 10-K, as filed with the
View source version on businesswire.com: http://www.businesswire.com/news/home/20170327005307/en/
Source:
Sealed Air Corporation
Investor:
Lori Chaitman, 201-712-7310
or
Media:
Ken
Aurichio, 917-693-5417