Bemis, a supplier of flexible packaging materials, has signed a definitive agreement to sell its Menasha, Wisconsin, and Catoosa (Tulsa), Oklahoma, facilities to Exopack Holding for $18m payable in cash at closing, subject to certain post-closing adjustments.
Export Holding is an affiliate of private investment firm Sun Capital Partners.
The two facilities focus on the production of plastic packaging for retail natural cheese and shrink bags for fresh red meat.
Under the terms of an order signed by the US District Court for the District of Columbia on February 25, 2010, Bemis was required to divest the two facilities, which were part of its acquisition of Alcan Packaging Food Americas. The sale of the facilities is subject to regulatory approval.
Exopack chairman and chief executive officer Jack Knott said, “This purchase of the Menasha and Tulsa facilities reflects our commitment to our customers and other key stakeholders that we will continue to expand our capabilities and product offerings and strengthen the presence of the Exopack brand in the global marketplace. We are pleased to welcome our newest Exopack employees and look forward to integrating these new facilities into our business.”