This transaction, subject to customary closing conditions and regulatory approval, is expected to close during the fourth quarter of 2014.
The company plans to use the proceeds of the sale to fund the growth of its flexible packaging business.
“Bemis is now positioned to dedicate all of our resources to accelerating strategic growth in our core flexible packaging business,” said William Austen, Bemis Company’s president and CEO. “Our focus on increasing sales of value-added products for high barrier, medical and pharmaceutical applications around the world will support our improving performance metrics as well as our organic and inorganic growth objectives.
“This transaction will provide an opportunity for the Pressure Sensitive Materials management team to execute its growth strategy as part of the Platinum Equity portfolio.”
The Pressure Sensitive Materials business segment includes manufacturing facilities located in:
… along with offices located in Stow, Ohio, and a worldwide sales and distribution network.
Goldman, Sachs & Co is acting as financial advisor and Baker & McKenzie is acting as legal counsel to Bemis Company.
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