Diversey reported fiscal first-quarter net sales of US$696 million, an increase of 5.5 per cent from $660 million in sales one year earlier.

The company’s institutional segment reported fourth-quarter net sales of $477.1 million, an increase of 1 per cent from $472.2 million in the same quarter in 2022.

Sales in Diversey’s food and beverage division jumped 16 per cent from the previous year, up from $187.8 million to $218.9 million.

In March, Diversey entered into a definitive merger agreement with specialty chemical manufacturer Solenis, a portfolio company of Platinum Equity.

Under the terms of the agreement, Solenis will acquire Diversey an enterprise value of approximately US$4.6 billion.

Solenis is a manufacturer of specialty chemicals used in water-intensive industries, which was acquired by Platinum Equity in 2021.

Diversey expects the merger to be completed in the second half of 2023.

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