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Sealed Air to acquire Diversey for $4.3 billion
Sealed Air Corporation and Diversey Holdings, Inc. have entered into a definitive agreement under which Sealed Air will acquire Diversey in a transaction val- ued at $4.3 billion. The transaction is expected to be completed in 2011 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 31 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. In 2010, Diversey
generated net sales of $3.1 billion and Adjusted EBITDA1 of $453 million. Diversey employs more than 10,000 people worldwide and operates in more than 60 countries. Sealed Air is a leading provider of food
‘Open as usual’ for fire & flood victims
Worcestershire-based IT support & solutions provider, OGL Computer, has launched a Disaster Recovery Suite to allow businesses in the region to relocate in the event of a disaster, enabling them to maintain normal operation. The suite includes desks to accommodate up to 24 people, with tele- phone, PC and Internet connection and access to clients’ files, folders, e-mail and applications is also available. The Disaster Recovery Suite, located at OGL’s Farm House Centre based at the Stourport-on-Severn, Worcestershire head office, provides office facilities including printing, faxing, on-site parking, a meeting room, plus a kitchen and shower area, and allows business to use the facilities in the event of a disaster at their premises, such as a fire or flood. Equally important, data is the lifeblood of any business, and the inability to access this data for any significant amount of time would be catastrophic. OGL will therefore also backup and store data in a secure offsite data centre, and in the event of a disaster, businesses will be provided with rapid access to their data via Internet connection, giving them the ability to continue normal operation.
and industrial system solutions that help ensure that food retains its freshness, products arrive undamaged, and transit efficiencies are maximised to reduce energy and waste. Sealed Air is focused on pioneering a differentiated, proprietary range of offerings in material science, automation technology and service-based solutions in order to provide
comprehensive solutions to its customers. Sealed Air 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 speciality 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 deliver enhanced earnings per share and free cash flow
generation, creating meaningful value for our shareholders. Sealed Air and Diversey have shared values, overlapping customers and end markets, and a common vision. By harnessing the strengths and sales capabilities of both companies, we will be able to bolster our solutions and services competencies and position Sealed Air for continued market
leadership. We look forward to welcoming Diversey’s talented employees to the Sealed Air team.” Edward F. Lonergan, Diversey president and chief executive officer, said: “We are excited about the opportunities we have to grow with Sealed Air through increased scale and expanded reach. We share a culture of innovation and a global vision for our business. Like Sealed Air, Diversey is committed to sustainable solutions, both in terms of our business and in terms of helping our customers protect human health while reducing waste generation and
consumption of natural resources. I am confident that this is a winning combination for our employees and customers around the world.”
Diversey chairman, Helen Johnson-Leipold, said: “Diversey shareholders
determined that 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.sealedair.com www.diversey.com
Sodexo scoops corporate responsibility award
L to R: Chris Durant, director, Beacon Purchasing, which sponsored the CSER Award, Thomas Jelley, corporate citizenship
manager, Sodexo, and Julie
Peasgood, actress.
Sodexo has won the top corporate responsibility award in the inaugural year of the Footprint Awards. Additionally, Tamsin Gane, Sodexo UK & Ireland's sustainable procurement manag- er, was runner-up in the Special Achievement Award catego- ry. Sodexo UK & Ireland received the award for Corporate Social & Environmental Responsibility at a ceremony at the Royal Institute of British Architects in London. Judges were particularly impressed by Sodexo's ‘Better Tomorrow Plan’ - its sustainability strategy to 2020 - which was praised for being ‘a far reaching programme whose objective is to support the sustainability aims of employees, clients, customers and suppliers’.
www.sodexo.com
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4 C&M July 2011
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