Bemis Company Completes Sale of Discontinued Operations
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NEENAH, Wis.--(Business Wire)--
Bemis Company, Inc. (NYSE:BMS) today announced that it has completed the sale of
its discontinued operations, including its Menasha, Wisconsin, and Catoosa
(Tulsa), Oklahoma facilities, to Exopack Holding Corp. ("Exopack"), an affiliate
of private investment firm Sun Capital Partners, Inc. The transaction was
completed for a cash purchase price of approximately $82 million. The divested
business recorded 2009 net sales of approximately $156 million and manufactures
flexible packaging for retail natural cheese and shrink bags for fresh red meat.
Bemis intends to use the cash proceeds from the sale to reduce commercial paper
debt outstanding.
Bemis has divested these assets in accordance with the terms of a consent decree
agreed to with the U.S. Department of Justice, which was filed with the U.S.
District Court for the District of Columbia on February 25, 2010, in order to
obtain regulatory approval for its acquisition of Alcan Packaging Food Americas.
These assets have been classified as discontinued operations in Bemis` financial
statements since the acquisition was completed on March 1, 2010.
About Bemis Company, Inc.
Bemis Company is a major supplier of flexible packaging and pressure sensitive
materials used by leading food, consumer products, healthcare, and other
companies worldwide. Founded in 1858, the Company is included in the S&P 500
index of stocks and reported pro forma 2009 net sales, giving effect to the Food
Americas acquisition, of $4.8 billion. The Company`s flexible packaging business
has a strong technical base in polymer chemistry, film extrusion, coating and
laminating, printing, and converting. Headquartered in Neenah, Wisconsin, Bemis
employs over 20,000 individuals worldwide. More information about the Company is
available at our website, www.bemis.com.
Bemis Company, Inc.
Melanie E. R. Miller, 920-527-5045
Vice President, Investor Relations
and Treasurer
or
Kristine Pavletich, 920-527-5159
Public Relations Specialist
Copyright Business Wire 2010
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