Bemis Company has reached an agreement to sell its global pressure sensitive materials business MACtac to Platinum Equity, a California-based private equity firm, for a purchase price of US$170 million.
This transaction, which is subject to customary closing conditions and regulatory approval, is expected to close during the fourth quarter of 2014.
The company plans to use the proceeds of the sale to fund the growth of its flexible packaging business.
The pressure sensitive materials business segment 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.
“We believe MACtac is well positioned for growth, both organically and through prospective add-on investments. We will provide MACtac the resources, support, and focus it needs to thrive as a standalone company,” said Platinum Equity Partner Louis Samson.
