Sealed Air Corp. (NYSE: SEE), Charlotte, NC, has announced plans to spin off of its Diversey Care division and the food hygiene and cleaning business within its food care division. The remaining Sealed Air business will continue as an independent public company.
Under the plan, Sealed Air’s shareholders would own 100 percent of the common stock of "new" Diversey following completion of the spin-off. The plan is intended to allow each of the new Sealed Air and new Diversey businesses to focus on a distinct set of strategic objectives, creating enhanced shareholder value. The transaction is expected to be completed in the second half of 2017.
