U.S. packaging group Westrock (WRK.N) has put a unit making soap dispensers and perfume sprayers up for sale in a potential $1 billion deal, as it seeks to streamline its portfolio after a recent merger, three people close to the matter said.

Westrock is working with Lazard (LAZ.N) on the sale process, which has already advanced to the second round, the people said, adding final bids from buyout groups including Onex (ONEX.TO), Advent, Bain, CD&R, as well as British packaging group RPC (RPC.L), were expected by a mid-December deadline.

The Westrock unit – dubbed a home, health and beauty business – posted earnings before interest, taxes, depreciation and amortization (EBITDA) of about $110 million in its last fiscal year on sales of $567 million.

READ FULL ARTICLE HERE