Sealed Air has sold Diversey Japan to The Carlyle Group for ¥30 bill. ($377 mill.) to focus on higher growth markets.
Diversey Japan provides cleaning, sanitation and hygiene products and solutions, to institutional customers in the Japanese market, with trailing twelve month sales as of 30 September of $321 mill. The transaction is expected to be completed in Q4, subject to customary closing conditions.
Sealed Air said that Diversey Japan will be accounted for as a discontinued operation as of 30 September which is expected to impact third quarter 2012 net earnings per share by $0.03.
Toshiro Misumi, executor of Diversey G.K., will be president and chief executive officer upon closing and lead the newly independent Diversey Japan.
Sealed Air completed the takeover of Diversey, who serve brewers, beverage bottlers, dairies and food processors, for $4.3 bill. in October last year.
Tamotsu Adachi, managing director of The Carlyle Group and Co-head of its Japan Buyout Group, said Diversey Japan has a preeminent position in the stable cleaning and sanitation market.
Source: The Carlyle Group