Bemis Company sells Menasha and Catoosa facilities to Exopack Holding
Jul 14, 2010 (Datamonitor Financial Deals Tracker via COMTEX) --
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Bemis Company, Inc., a manufacturer of flexible packaging products, has sold its Menasha, Wisconsin, and Catoosa (Tulsa), Oklahoma, facilities to Exopack Holding Corp., engaged in the development, manufacturing and sourcing of paper and plastic flexible packaging solutions and film coatings for consumer and industrial applications, for a cash consideration of approximately $82 million. All the parties involved in the transaction are based in the US.
The divested business recorded 2009 net sales of approximately $156 million and manufactures flexible packaging for retail natural cheese and shrink bags for fresh red meat.
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 February 25, 2010, in order to obtain regulatory approval for its acquisition of Alcan Packaging Food Americas.
Announcement (June 14, 2010):
Bemis has signed a definitive agreement to sell its Menasha, Wisconsin, and Catoosa (Tulsa), Oklahoma, facilities to Exopack for approximately $81 million in cash.
Greenhill & Co. is acting as financial advisor to Bemis.
Deal Participants
Deal Rationale
The acquisition will enable Exopack Holding to expand its capabilities and product offerings and strengthen its brand in the global marketplace.
Bemis intends to use the cash proceeds from the sale to reduce commercial paper debt outstanding.
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