BEMIS JOINT VENTURE ACQUIRES FLEXIBLE PACKAGING ASSETS IN MEXICO
Bemis Company, Inc. has announced, with its Mexican joint venture partner, the completed purchase of certain flexible packaging assets of Masterpak S.A. de C.V., including a converting facility in Tultitlan, Mexico. These assets produce flexible packaging for dry foods, personal care products, pharmaceuticals, confectionery and bakery products. Recently reported annual sales related to the assets to be acquired were approximately $35 million. Bemis owns 51 percent of the acquired business. Specific terms of the acquisition were not disclosed. Commenting on the acquisition, Jeffrey Curler, president and CEO of Bemis Company, Inc., said, "This investment will provide an opportunity to expand our current film technology into the Mexican packaging market and is expected to be modestly accretive to Bemis' EPS in 2004." Curler indicated that the new flexible packaging business will focus on supplying the packaging needs of Mexican food and consumer goods markets. Bemis and its Mexican joint venture partner currently operate two other joint ventures in Mexico: Bolsas Bemis, a paper packaging facility, and MACtac Mexico, a pressure sensitive materials facility.
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