Sealed Air Corp. announced Monday that it has sold its Diversey Care division and the food hygiene and cleaning business within its food care division to Bain Capital Private Equity for $3.2 billion.

Sealed Air expects to use the proceeds to repay debt, maintain its net leverage ratio in the range of 3.5 to 4.0, repurchase shares to minimize earnings dilution and fund core growth initiatives.

The transaction is expected to close in the second half of 2017.

“We are pleased that New Diversey has a strong partner to support future growth initiatives and drive further expansion,” said President and CEO Jerome A. Peribere. “Diversey Care and its related hygiene business has an impressive pipeline of technologies, revamped its go-to-market strategy, and significantly improved profitability.”

Sealed Air has over 50 labs and research facilities around the world.

Its shares fell Monday morning by 4.05 percent to $42.86. down $1.81.

The filing can be found here.