Sealed Air Corporation, the maker of Bubble Wrap cushioning, is venturing into the $40 billion sanitation and hygiene market, agreeing to purchase cleaning products company Diversey Holdings in a transaction worth $4.3 billion.
Diversey shareholders will receive $2.1 billion in cash and 31.7 million shares of Sealed Air stock, owning approximately 15 percent of Sealed Air stock when the deal closes by the end of the year. Diversey, based in Sturtevant, Wis., is a privately-owned company controlled by investment firm Clayton, Dublilier & Rice and the family behind S.C. Johnson & Son.
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