Business

Charlotte-based Bubble Wrap maker to sell over one-third of the company for $3.2 billion

Jerome Peribere, president and CEO Sealed Air, speaks to the crowd at the groundbreaking ceremonies for the Sealed Air global corporate headquarters, June 25, 2015.
Jerome Peribere, president and CEO Sealed Air, speaks to the crowd at the groundbreaking ceremonies for the Sealed Air global corporate headquarters, June 25, 2015. rlahser@charlotteobserver.com

Charlotte-based Sealed Air is selling over a third of the company to Bain Capital Private Equity for $3.2 billion. The local manufacturer – well known for making Bubble Wrap – said the deal does not affect its 2014 pledge to relocate over 1,200 jobs here from New Jersey.

Sealed Air said Monday it is spinning off Diversey Care, the cleaning products company it bought in 2011, as well as the food hygiene and cleaning business within its food care division. The deal is expected to close in the second half of 2017.

Collectively, the business being sold is called “New Diversey.” It employs approximately 8,600 and generated sales of $2.6 billion in 2016, Sealed Air said. Total Sealed Air revenues were $6.8 billion in 2016.

The company said it will use proceeds from the sale on a number of efforts, including paying off debt and funding “core growth initiatives.”

Sealed Air announced in 2014 that it was moving to Charlotte, in what the Charlotte Chamber called the largest corporate headquarters relocation in the city’s history.

“Right now our commitment to 1,260 jobs remains unchanged and we continue to bring new jobs to our recently opened global headquarters,” spokesman Ken Aurichio told the Observer in an email.

Sealed Air announced its intentions to sell a third of the company last October. At the time, Sealed Air had said the spun-off company will lease buildings on its new $58 million campus in southwest Charlotte – but that might not necessarily be the case anymore.

“As part of the sale, a decision on leasing office space in our new (headquarters) has not been made yet,” Aurichio said.

Katherine Peralta: 704-358-5079, @katieperalta

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