The transaction was completed for a cash purchase price of approximately $82m. The divested business recorded 2009 net sales of approximately $156m and manufactures flexible packaging for retail natural cheese and shrink bags for fresh red meat. Bemis intends to use the cash proceeds from the sale to reduce commercial paper debt outstanding.
Bemis has divested these assets in accordance with the terms of a consent decree agreed to with the US Department of Justice, which was filed with the US District Court for the District of Columbia on 25 February 2010, in order to obtain regulatory approval for its acquisition of Alcan Packaging Food Americas.
These assets have been classified as discontinued operations in Bemis’ financial statements since the acquisition was completed on 1 March 2010.
Source: Bemis Company
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