Bemis Company, Inc. has signed a definitive agreement to sell the Company’s Menasha, Wisconsin, and Catoosa (Tulsa), Oklahoma, facilities to Exopack Holding Corp. (“Exopack”), an affiliate of private investment firm Sun Capital Partners, Inc.
The purchase price for the transaction is approximately $81 million payable in cash at closing, subject to certain post-closing adjustments. Terms of the transaction, which include production equipment and intellectual property, were not disclosed.
The two facilities focus on the production of plastic packaging for retail natural cheese and shrink bags for fresh red meat.
Under the terms of an order signed by the U.S. District Court for the District of Columbia on February 25, 2010, Bemis was required to divest the two facilities, which were part of its acquisition of Alcan Packaging Food Americas. The sale of the facilities is subject to regulatory approval.
Headquartered in Spartanburg, South Carolina, Exopack is a full-service paper and plastic flexible packaging solutions manufacturer that specializes in substrate development, film extrusion, printing, lamination, and converting of flexible packaging products.
In addition, its coatings division is known for advanced film coating technologies. Products manufactured by Exopack include microwave packaging, printed collation shrink films, laminated FFS materials, specialty bags and pouches, heavy duty shipping sacks, medical components and optical and electronic films.
“This purchase of the Menasha and Tulsa facilities reflects our commitment to our customers and other key stakeholders that we will continue to expand our capabilities and product offerings and strengthen the presence of the Exopack brand in the global marketplace,” said Jack Knott, Exopack Chairman and Chief Executive Officer. “We are pleased to welcome our newest Exopack employees and look forward to integrating these new facilities into our business.”
SOURCE: Bemis Company, Inc.