Sealed Air Corp., the Elmwood Park, N.J., parent toCryovac, said it agreed to purchase global cleaning and sanitation services supplierDiversey Holdings Inc., Sturtevant, Wis., in a deal valued at $4.3 billion. Officials said they expect to complete the transaction in 2011.
"This transaction represents a strategic growth opportunity that leverages Sealed Air's core competencies and positions our company to further capitalize on the megatrends that drive both businesses," said William Hickey, Sealed Air president and CEO. "With Diversey, we will expand our footprint beyond specialty packaging solutions by gaining entry into a $40+ billion chemical cleaning and hygiene industry that has attractive fundamentals and is already in our value chain. This combination is also financially compelling, and we expect it to delivery enhanced earnings per share and free cash flow generation, creating meaningful value for our shareholders."
Barry-Wehmiller Companies Inc., St. Louis, said itsBarry-Wehmiller Design Group Inc., subsidiary purchasedCadence Technologies, an Alpharetta, Ga., food and beverage process engineering firm.Terms were not disclosed. Officials said Cadence executives Hank Brink, founder and CEO; and Glenn Cooper, president; will remain with the firm in senior posts.
"This merger of Cadence Technologies into our firm greatly expands our capabilities to provide sanitary process design services for beverage and food applications," said Joseph Wilhelm, Design Group managing partner.