NEWARK, N.J. (AP) Sealed Air is selling its Diversey Care unit and the food hygiene and cleaning business of its food care division to private investment firm Bain Capital Private Equity for about $3.2 billion.
Diversey Care and the related food hygiene businesses had combined net sales of approximately $2.6 billion last year. It has about 8,600 employees worldwide.
Sealed Air Corp. said Monday that it wants to use the proceeds from the sale to pay back debt and buy back shares. The sale is targeted to close in the second half of the year.
The Charlotte, North Carolina, company also announced that its board approved increasing its stock buyback program by an additional $1.5 billion shares.