Appleton to sell performance packaging operations to NEX Performance Films
Jul 12, 2010 (Datamonitor Financial Deals Tracker via COMTEX) --
(c) 2001-2007 Datamonitor. All rights reserved. Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.
Appleton, a US-based producer of carbonless, thermal, security and performance packaging products, has entered into an agreement to sell its performance packaging operations to NEX Performance Films, Inc. for approximately $58 million.
NEX Performance Films is a new company formed by the private equity firm Mason Wells.
Appleton's Performance Packaging operations produce single and multilayer polyethylene films and comprise two wholly-owned subsidiaries American Plastics Company, Inc and New England Extrusion, Inc.
Deal Participants
Deal Rationale
The sale will enable Appleton to focus on its core business. Appleton intends to use the proceeds from the sale to reduce debt and for general corporate purposes.
|
|