Bemis To Sell Pressure Sensitive Materials Unit To Platinum Equity For $170 Mln

(RTTNews) - Goods packaging company Bemis Company, Inc. (BMS) has agreed to sell its global Pressure Sensitive Materials business to Platinum Equity, a California-based private equity firm, for $170 million. This transaction may close in the fourth quarter of 2014. The firm plans to use the sale proceeds to fund the growth of its flexible packaging business.

Commenting on the pending transaction, William Austen, Bemis Company's President and Chief Executive, said, "Bemis is now positioned to dedicate all of our resources to accelerating strategic growth in our core flexible packaging business. 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." Austen added, "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."

The Pressure Sensitive Materials business unit 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.

Goldman, Sachs & Co. is acting as financial advisor and Baker & McKenzie LLP is acting as legal counsel to Bemis Co.