Sealed Air completes sale of Diversey Care, food hygiene and cleaning divisions
Sealed Air Corporation announced that it has completed the sale of its Diversey Care division and the food hygiene and cleaning business within its Food Care division to Bain Capital Private Equity for approximately $3.2B. "We will use the proceeds of the sale to repay debt, maintain our net leverage ratio in the range of 3.5 to 4.0 times, repurchase shares and invest in our core business and targeted M&A activity," said Jerome Peribere, president and CEO. "Sealed Air is well positioned for profitable growth and strong cash flow. We will be driven by a proven business model, enhanced strategic focus and improved ability to optimize capital allocation and invest in new disruptive technologies."