NEENAH, Wis.--(BUSINESS WIRE)--Bemis Company, Inc. (NYSE:BMS) announced today that it has reached an agreement to sell its Paper Packaging Division to Hood Packaging Corporation, a privately-held company headquartered in Madison, Mississippi and Burlington, Ontario. Terms of the agreement were not disclosed. This transaction, which is subject to customary closing conditions and regulatory approval, is expected to close during the first quarter of 2014.
Bemis’ Paper Packaging Division recorded sales of approximately $160 million in 2013. The sale of the Paper Packaging Division includes the offices and manufacturing facilities located in Omaha, Nebraska; Crossett, Arkansas; Vancouver, Washington; and Minneapolis, Minnesota.
Hood Packaging supplies paper flexible packaging and bags, consumer plastic packaging, and industrial plastic packaging from its facilities located across the United States and Canada.
Commenting on the pending transaction, Henry Theisen, Bemis Company’s Chairman and Chief Executive Officer said, "Today's announcement represents an opportunity for our Paper Packaging business to be part of Hood Packaging’s growing paper packaging products business. The sale of this division will allow Bemis to focus our resources on strategic opportunities in high barrier flexible packaging, medical and pharmaceutical packaging, and developing geographic markets."
XMS Capital Partners, LLC is acting as exclusive financial advisor to Bemis Company.
FORWARD LOOKING STATEMENTS
Statements in this release that
are not historical, including statements relating to the expected future
performance of the Company, are considered “forward-looking” and are
presented pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995. Such content is subject to certain risks
and uncertainties, including but not limited to the timing of government
regulatory approval. Actual future results and trends may differ
materially from historical results or those projected in any such
forward-looking statements depending on a variety of factors which are
detailed in the Company's regular SEC filings including the most
recently filed Form 10-K for the year ended December 31, 2012.
ABOUT BEMIS COMPANY, INC.
Bemis Company, Inc. is a major
supplier of packaging and pressure sensitive materials used by leading
food, consumer products, healthcare, and other companies worldwide.
Founded in 1858, Bemis Company is included in the S&P 500 index of
stocks and reported 2013 net sales of $5.0 billion. Bemis has a strong
technical base in polymer chemistry, film extrusion, coating and
laminating, printing, and converting. Headquartered in Neenah,
Wisconsin, Bemis employs approximately 19,000 individuals worldwide.
More information about Bemis is available at our website, www.bemis.com.