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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.
