Private Equity firm to purchased Sealed Air Corporation's rigid medical packaging business.
November 21, 2013
by Canadian Packaging Staff
ELMWOOD PARK, N.J—Sealed Air Corporation has announced it has agreed to sell its rigid medical packaging business to private equity firm Mason Wells Buyout Fund III, L.P., with the company expecting to receive proceeds of $125 million from the sale.
Sealed Air’s rigid medical packaging business was formed from three previous acquisitions: Nelipak Holdings, Alga Plastics and ATE Costa Rica, which includes facilities in Ireland, the Netherlands, U.S. and Costa Rica.
“The transaction is another step in our commitment to a disciplined approach to portfolio management,” says Sealed Air chief executive officer Jerome A. Peribere. “Our rigid medical business has a strong global position but no longer presents a strategic fit for us. By further focusing our portfolio, we can maximize our investment in new innovations which are core to our market-driven business.”
He adds: “Sealed Air remains committed to the medical packaging industry and will continue to manufacture medical and pharmaceutical films.”
The transaction is expected to be completed in the Q4 of 2013, subject to the satisfaction of customary closing conditions. The price will be subject to certain purchase price adjustments.
In 2012, Sealed Air Corporation generated revenue of approximately $7.6 billion by helping customers achieve their sustainability goals. Its portfolio of widely recognized brands, includes: CryovaSealed Air brand food packaging solutions; Bubble Wrap brand cushioning, and; Diversey cleaning and hygiene solutions
Sealed Air has approximately 25,000 employees serving customers in 175 countries. To learn more, visit www.sealedair.com.