BANGALORE (Reuters) – Bubble Wrap maker Sealed Air Corp (SEE.N) said it will buy privately held cleaning products maker Diversey Holdings for $2.9 billion in cash and stock, to enter the $40 billion-plus chemical cleaning and hygiene industry.
The deal will help Sealed Air grow beyond specialty packaging and give it access to Diversey's markets in over 60 countries in Europe, Asia Pacific, Brazil, Africa and other high-growth developing regions.
Diversey, which makes commercial cleaning, hygiene, pest control and food sanitation products, had revenue of $3.1 billion last year.
The deal comes just weeks after Silgan Holdings Inc (SLGN.O), which makes cans for Campbell's Soup, bought smaller rival Graham Packaging (GRM.N) for $1.3 billion.
via news.yahoo.com
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