Bemis reaches deal to sell PSM unit to equity firm

摘要

Bemis this week engineered a second move by the firm to focus wholly on flexible packaging by reaching an agreement to sell its MACtac global pressure sensitive materials (PSM) business to Platinum Equity, a California-based private equity firm, for $170 million. The transaction is to close during the fourth quarter. In the first quarter, Bemis sold its $160 million/yr kraft paper packaging div to Hood Packaging. The firm also brought in William Austen last month to replace longtime leader Henry Theisen as CEO. The firm generated $5 billion in revenue in 2013 and net income of $212.6 million, and is focused on growth in high barrier packaging for liquids and perishables, medical device and pharmaceutical industry packaging, and "convenient" food packaging in the Latin American and Asia-Pacific regions. Almost 60% of the company's revenue last year was from US packaging, 30% from global packaging, and 11% from PSM.