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Diversey bought for $4.3 billion


Leading cleaning and hygiene solutions provider, Diversey, has been acquired in a $4.3 billion deal. The company has been bought by Sealed Air Coarporation (Sealed Air), a company that specialises in a wide range of protective packaging and performance–based materials. A definitive agreement has been agreed under which Sealed Air will acquire Diversey in a transaction that is expected to be completed this and is expected to be accretive to earnings in the first full year following completion.


Under the terms of the agreement, Diversey shareholders will receive $2.1 billion in cash and an aggregate of 31.7 million shares of Sealed Air common stock valued at $25.68 per share based on Sealed Air's closing stock price on 31st May, 2011 for a total equity consideration of $2.9 billion. Diversey is a privately-owned company, controlled by members of the Johnson family and Clayton, Dubilier & Rice, LLC. Upon closing of the transaction, Diversey shareholders are expected to own approximately 15% of Sealed Air common stock.


Sealed Air is a leading provider of food and industrial system solutions that help ensure


that food retains its freshness, products arrive undamaged, and transit efficiencies are maximized to reduce energy and waste. The company operates in 52 countries, employs more than 16,000 people and generated net sales of $4.5 billion in 2010.


"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 V. Hickey, President and Chief Executive Officer of Sealed Air.


"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.


"We are excited about the opportunities we have to grow with Sealed Air through increased scale and expanded reach," said Edward F. Lonergan, Diversey President and Chief Executive Officer.


Diversey Chairman, Helen Johnson-Leipold, said: "Diversey shareholders determined that


Worshipful Company of Environmental Cleaners install new Master


The Worshipful Company of Environmental Cleaners held their annual ceremony of Installation at the historic Bevis Marks Synagogue within the City of London on Thursday 28th April.


Following the ancient traditions of the City Liveries, Mr Peter Holt was installed as Master for the year ensuing, along with the Installation of Mr Barrie Torbett as Deputy Master; Mr Peter Robb as Senior Warden, and Mrs Maureen Marden as Junior Warden.


6 | TOMORROW’S CLEANING | The future of our cleaning industry NEWSFLASH


the best long-term opportunity for all stakeholders was a combination with Sealed Air. This was a difficult decision, but the compelling rationale was that together, we can leverage our expertise to transform our industry more rapidly and in more ways than either company could do alone. As the companies got to know each other, the leaders discovered an alignment of values and shared passion for industry-transforming innovation and sustainable solutions. The businesses, the teams, and our ambitions mesh well. And I'm pleased that Sealed Air has committed to continuing a strong presence in Racine, Wisconsin, the historic base of operations for Johnson family businesses."


www.diversey.com/investors www.sealedair.com


Student spies on women in public toilets


A student who wore a female rubber mask while spying on women in shopping centre toilets has escaped jail, The Daily Mail reports.


Joel Hardman, 22, put on a jet-black wig and mask so he could slip into the women's toilets at the Bullring, Birmingham, unnoticed.


The MA student initially stalked the University of Birmingham’s women’s toilets before switching to the Bullring because it was busier.


Mr Hardmann was finally caught out in the pale skin mask and black wig by a female shopper in April. He has since been given a three-year community order and placed on the sex offenders' treatment programme at Birmingham Magistrates' Court.


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