Bemis Company recently announced that it has reached an agreement to sell its global Pressure Sensitive Materials business (known as "MACtac") to Platinum Equity, a California-based private equity firm, for a purchase price of $170 million.
Bemis expects the deal, which is subject to regulatory approval, to close during the fourth quarter of this year. 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, President and CEO of Bemis. "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," Austen added.
The Pressure Sensitive Materials business segment includes manufacturing facilities located in Scranton, Pennsylvania; Columbus, Indiana; San Luis Potosi, Mexico; Soignies, Belgium; and Genk, Belgium, along with offices located in Stow, Ohio, and a worldwide sales and distribution network.
Platinum Equity Partner Louis Samson commented, "We have developed a great relationship with Bemis and are pleased to have crafted a divestiture solution that meets their needs, while setting MACtac up for long-term success. We believe the company is well positioned for growth, both organically and through prospective add-on investments. We will provide MACtac the resources, support, and focus it needs to thrive as a standalone company."
