Diversey Holdings Inc., the parent company of Sturtevant-based Diversey Inc has delivered 2010 results that are significantly improved from the previous year, despite challenging economic conditions in the US and Europe.
A report in the 17 March Journal Sentinel by Joe Taschler noted that Diversey’s net income of US$32.7 million in 2010 compared with a loss of US$48.6 million in 2009. The prior year loss was primarily due to restructuring charges. Revenue rose to US$3.1 billion from US$3.0 billion.
Diversey Holdings is privately held, but its debt is publicly traded. As of 31 December 2010 the company had total indebtedness of US$1.239 billion.
“Strong growth in emerging markets was offset by the challenging economic conditions in the developed markets of Western Europe, North America and Japan,” the company said in a filing with the US Securities and Exchange Commission.
The filing referred to Japan’s the earthquake and tsunami disaster. “While immediate losses are not expected to be material, the future impact to operating results and related risk of asset impairment are not currently determinable,” the company stated.
Diversey’s Japanese subsidiaries represent about 10% of the company’s consolidated net sales and total assets.
The company has previously said that all its Japanese employees have been accounted for and that a major manufacturing plant in the country was not damaged in the earthquake and ensuing tsunami. A sales office and its main office in Japan sustained damage in the disaster.
Diversey had 10,170 employees worldwide as of March 2011.
Diversey is 50% owned by the Johnson Family of Racine; 46% owned by New York private equity firm Clayton Dubilier & Rice LLC; and 4% owned by Unilever.