Another chunk of Pregis Corp., this time its European operations, is being sold off.
Less than two weeks after announcing the sale of its North American business, the protective packaging and systems company now has struck a deal with Airpack SpA for the company's European operations.
Airpack, of Lodi, Italy, previously had purchased Pregis' business in Italy.
This new deal includes Pregis facilities in the Belgium, Czech Republic, Germany, Hungary, Poland, Romania and United Kingdom. Manufacturing includes foam and bubble extrusion, engineered foam and mailers, Pregis said.
Terms of the deal were not disclosed.
“We are pleased to be able to reunite the Italian business unit with the rest of the European operations. We now will have the support of more than 1,000 employees who will assist us in providing protective packaging solutions to the United Kingdom and across the entire European continent,” said Sergio Folli, managing director of Airpack, in a statement.
Pregis owner AEA Investors LP, a private equity firm, revealed April 22 plans to sell the company's 14 North American operations for an undisclosed amount to Olympus Partners, a Stamford, Conn.-based private equity firm.
Those sites make a variety of protective packaging, including bubble air cushioning, mailers, sheet foam, protective film, engineered foam, foam-in-place and specialty products. The company also has a line of paper packaging systems.
AEA Investors created the Pregis brand when that private equity firm acquired the flexible and protective businesses of Pactiv Corp. in 2005 for approximately $530 million. The company, founded in 1968, calls itself a pioneer in private equity. The firm was created through the Rockefeller, Mellon and Harriman families and S.G. Warburg & Co.