ELMWOOD PARK, N.J. (AP) -- Sealed Air Corp. is selling its Japanese cleaning unit to The Carlyle Group for about $377 million.
Diversey G.K., a subsidiary of Sealed Air's Diversey Inc., provides cleaning, sanitation and hygiene products, mainly to institutional customers in the Japanese market. Its trailing 12-month sales as of Sept. 30 totaled about $321 million, the company said.
Sealed Air Corp., based in Elmwood Park, N.J., said the sale of the business is part of its plan to focus its resources on the parts of the company with the greatest potential and boost value for its shareholders.
The deal is expected to close in the fourth quarter.
Carlyle said the business will continue to operate under the Diversey name.