NEW YORK--(BUSINESS WIRE)--Multi Packaging Solutions International (NYSE:MPSX) (“MPS”), a global leader in value-added print and packaging solutions for the branded consumer, healthcare and multi-media markets announced today that they have signed a letter of intent to acquire the business of Paris Art Label Company, Inc. (“Paris Art”), subject to standard completion of diligence steps and Board of Directors’ approval which is expected to be completed on or about March 31, 2017.
The acquisition of Paris Art, a highly respected manufacturer of labels and shrink sleeve products to the branded consumer marketplace in the United States, fits perfectly with MPS’s previously announced strategy to expand its capability and presence in the label sector globally.
Commenting on the acquisition, Marc Shore, CEO of MPS, said “We look forward to the Paris Art team joining the MPS family as we finalize our diligence steps and embark on the integration process. Both companies share a common vision: to provide innovative products of the highest quality to our customers. Acquiring Paris Art is a significant step in enhancing our offering to our customers and achieving our strategic goals.”
Ron Tarantino, president and owner of Paris Art stated, “We are excited to announce the pending transaction which will be beneficial to our customers, employees, vendors and associates. We are proud of the high quality and innovative label and shrink print packaging we have designed and delivered to leading consumer and cosmetics customers for over 90 years and believe that MPS will be an excellent home for our customers and employees. MPS is committed to investing additional capital to continue to support the operation. Additionally, I am pleased to say that I, and the Paris Art management team, will be staying on with the new entity going forward.”
About Multi Packaging Solutions
Multi Packaging Solutions (“MPS”) is a leading global provider of value-added packaging solutions to a diverse customer base across the healthcare and branded consumer markets. MPS provides customers with an extensive array of print-based specialty packaging, including premium folding cartons, labels, inserts/leaflets, and specialty packaging across a variety of substrates and finishes. The company has 60 manufacturing locations in North America, Asia and Europe and employs approximately 8,800 people. MPS is listed on the New York Stock Exchange.
For more information, please visit www.multipkg.com.
About Paris Art Label Company
Established in 1925, Paris Art Label has pioneered innovative solutions in the label and shrink sleeve markets. Providing shelf-defining, cost effective, and sustainable packaging solutions for the consumer branded sectors in the United States, Paris Art Label operates from two locations in New York -- Patchogue and Ronkonkoma.
For more information see http://www.parisartlabel.com