Sealed Air to buy Diversey Holdings for $2.9B

By the Associated Press | June 1, 2011 | 7:59 AM EDT

NEW YORK (AP) — Packaging company Sealed Air Corp. has agreed to buy the privately-held Diversey Holdings Inc. for about $2.9 billion in cash and stock.

Diversey is a cleaning and sanitation company headquartered in Sturtevant, Wis. It generated $3.1 billion in revenue in 2010, employs 10,000 people and operates in more than 60 countries.

The companies said Wednesday that Sealed Air will pay Diversey shareholders $2.1 billion in cash and 31.7 million shares of stock worth $814 million at Tuesday's closing price for Sealed Air.

Sealed Air is based in Elmwood Park, N.J. Including debt, the companies say the deal is worth $4.3 billion.

The deal is expected to be completed in 2011.

At closing, Diversey shareholders will own about 15 percent of Sealed Air common stock.