Bemis Co. Inc. will sell its Menasha, Wis., and Catoosa, Okla., plants to Exopack Holding Corp. for $81 million. Terms of the deal were not disclosed.
The two facilities focus on the manufacturing of plastic packaging for cheese and shrink bags for meat. Under the terms of a Feb. 25 order from U.S. District Court for the District of Columbia, Neenah, Wis.-based Bemis was required to divest the two facilities, which were part of its recent 1.2 billion acquisition of Alcan Packaging Food Americas from London-based Rio Tinto plc.
Spartanburg, S.C.-based Exopack specializes in substrate development, film extrusion, printing, lamination, and converting of flexible packaging products and film coatings. The company is owned by Sun Capital Partners Inc. of Boca Raton, Fla.
“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,” Jack Knott, Exopack chairman and CEO, said in a June 14 news release.
For the first quarter, Exopack reported a loss of $853,000 on sales of $173 million, compared to profit of $779,000 on sales of $179 million for the year-ago period, according to recent Securities and Exchange Commission filings. For full-year 2009, the firm reported a loss of $5.9 million on sales of $674 million.
Exopack employs 2,400. It operates 10 plastic plants, six paper plants and a coatings facility in North America.
Bemis reported 2009 profit of $152.5 million on sales of $3.5 billion.
Copyright 2010 Crain Communications Inc. All Rights Reserved.