Sealed Air could weigh options for Diversey unit, but in no rush: CEO

Diversey, Sealed Air's second-biggest business by revenue, was acquired in 2011 by Peribere's predecessor, William Hickey, in a $4.3 billion deal.

"Is Sealed Air the best owner of the Diversey business? The answer is not necessarily," said Peribere, who was appointed CEO in March 2013.

The unit, which makes floor cleaning machines, detergents and stain removers for commercial clients such as hotels and hospitals, has struggled with a strong dollar and a slowdown in some of its end-markets.

Growth in profit margins at the unit has been sluggish, lagging the company's food care and product care businesses.

Peribere said the acquisition of Diversey had put Sealed Air's growth at risk as the company did not have expertise in the new technology and was dealing with new customers.

"We will have to think about (a sale or a spinoff) one day. There is no urgency for that," he said.

Diversey's profit margins rose to 11.6 percent in 2015 from 10.2 percent in 2012. In contrast, margins at the food care business increased to 20.3 percent from 15.4 percent, and at the product care unit to 20.8 percent from 16.9 percent.

However, sales at the Diversey unit, on a constant currency basis, have picked up during Peribere's tenure. The CEO said he expects Diversey's sales to increase by about 4 percent on a constant currency basis in the 2017-2019 period.

Sealed Air's food care business makes wrapping and vacuuming packaging systems for perishable food items and beverages, while the product care business houses protective packaging brands including Bubble Wrap.

(Reporting by Ankit Ajmera and Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty)