US based APPLETON has completed the sale of its Performance Packaging operations to a newly formed company named NEX Performance Films which is owned by Mason Wells, a Milwaukee-based private equity firm.
The purchase price paid in the transaction was approximately $58m. Appleton intends to use proceeds from the sale to reduce debt and for general corporate purposes.
The operations Appleton sold produce high-quality single and multilayer polyethylene films and are comprised of American Plastics Company, located in Rhinelander, Wisconsin and New England Extrusion which has facilities in Turners Falls, Massachusetts and Milton, Wisconsin.
The sale of the Performance Packaging operations consolidates Appleton’s offerings and allows the company to focus on its specialty paper and Encapsys microencapsulation businesses.