Sealed Air Corp (SEE.N) is in exclusive talks to sell its cleaning and chemicals systems division, Diversey Care, to private equity firm Bain Capital LLC for between $3 billion and $4 billion, people familiar with the matter said on Monday.

The deal would allow Sealed Air to focus on its higher-margin food, product and medical packaging operations by shedding a hygiene and cleaning solutions division that it no longer sees as core to its business.

Sealed Air could announce a deal with Bain before the end of March, the people said. If negotiations were to break down, Sealed Air would revert to its previous plan to spin off Diversey, the people added.

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