Bemis inks deal to sell two US facilities to Exopack

16-Jun-10

Flexible packaging materials supplier Bemis Company Inc has inked a definitive agreement to sell it’s facilities at Menasha, Wisconsin, and Catoosa, Oklahoma to Exopack Holding Corp for US$81 mln. The two facilities focus on the production of plastic packaging for retail natural cheese and shrink bags for fresh red meat. Exopack is an affiliate of private investment firm Sun Capital Partners, Inc. Bemis was required to divest the two facilities under the terms of an order signed by the Us District Court for the District of Columbia on February 25, 2010. These two facilities were part of its acquisition of Alcan Packaging Food Americas. The purchase price is payable in cash at closing, subject to certain post-closing adjustments. The sale of the facilities is subject to regulatory approval. Terms of the transaction, which include production equipment and intellectual property, were not disclosed.