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This transaction, which is subject to customary closing conditions and regulatory approval, is expected to close during the fourth quarter of 2014. The Company plans to use the proceeds of the sale to fund the growth of its flexible packaging business.
Commenting on the pending transaction, William Austen, Bemis Company's President and Chief Executive Officer, said, "Bemis is now positioned to dedicate all of our resources to accelerating strategic growth in our core flexible packaging business. Our focus on increasing sales of value-added products for high barrier, medical, and pharmaceutical applications around the world will support our improving performance metrics as well as our organic and inorganic growth objectives." Further, Austen commented, "This transaction will provide an opportunity for the Pressure Sensitive Materials management team to execute its growth strategy as part of the Platinum Equity portfolio."
The Pressure Sensitive Materials business segment includes manufacturing facilities located in Scranton, Pennsylvania; Columbus, Indiana; San Luis Potosi, Mexico; Soignies, Belgium; and Genk, Belgium, along with offices located in Stow, Ohio, and a worldwide sales and distribution network.
"We have developed a great relationship with Bemis and are pleased to have crafted a divestiture solution that meets their needs, while setting MACtac up for long-term success," said Platinum Equity Partner Louis Samson, who leads the Platinum Equity team pursuing the acquisition. "We believe the company is well positioned for growth, both organically and through prospective add-on investments. We will provide MACtac the resources, support, and focus it needs to thrive as a standalone company."
Platinum Equity has a highly specialized focus on business operations and 19 years of experience owning and operating businesses that have been acquired from large corporate parent companies. Transactions Platinum Equity has completed over the last two years include carve outs from AP Moeller Maersk, CBS, Emerson, and Volvo.
Goldman, Sachs & Co. is acting as financial advisor and Baker & McKenzie LLP is acting as legal counsel to Bemis Company.
