(NEW YORK) -- Sealed Air Corp. announced Wednesday plans to buy cleaning products maker Diversey Holdings Inc. for $2.9 billion in cash and stock.
The move comes as part of Sealed Air's effort to diversify, with the acquisition giving it leverage into the chemical cleaning and hygiene industry.
Diversey is privately owned and controlled by members of the Johnson family as well as the private equity firm Clayton, Dubilier & Rice. The company will receive $2.1 billion in cash and 31.7 million in Sealed Air shares.
According to Sealed Air, the deal is valued at $4.3 billion and includes debt assumption.
The deal is expected to be complete by the end of the year.
Copyright 2011 ABC News Radio