Move comes after Bemis packaging division has record sales in 2013.
February 14, 2014
by Canadian Packaging Staff
NEENAH, Wis—Bemis Company, Inc. announced on February 13, 2014 that it has reached an agreement to sell its Paper Packaging Division to Hood Packaging Corporation, a privately-held company headquartered in Madison, Mississippi and Burlington, ON.
Although terms of the agreement were not disclosed, this transaction is subject to customary closing conditions and regulatory approval, and is expected to close during the first quarter of 2014.
Bemis’ Paper Packaging Division recorded sales of approximately $160 million in 2013. The sale of the Paper Packaging Division includes the offices and manufacturing facilities located in Omaha, Nebraska; Crossett, Arkansas; Vancouver, Washington; and Minneapolis, Minnesota.
Hood Packaging supplies paper flexible packaging and bags, consumer plastic packaging, and industrial plastic packaging from its facilities located across the United States and Canada.
Commenting on the pending transaction, Henry Theisen, Bemis Company’s Chairman and Chief Executive Officer said, “Today’s announcement represents an opportunity for our Paper Packaging business to be part of Hood Packaging’s growing paper packaging products business. The sale of this division will allow Bemis to focus our resources on strategic opportunities in high barrier flexible packaging, medical and pharmaceutical packaging, and developing geographic markets.”
XMS Capital Partners, LLC is acting as exclusive financial advisor to Bemis Company.
Bemis Company, Inc. is a major supplier of packaging and pressure sensitive materials used by leading food, consumer products, healthcare, and other companies worldwide. Founded in 1858, Bemis Company is included in the S&P 500 index of stocks and reported 2013 net sales of $5.0 billion. Bemis has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. Headquartered in Neenah, Wisconsin, Bemis employs approximately 19,000 individuals worldwide. More information about Bemis is available at www.bemis.com.