Bemis Co. Inc. recently announced that it has reached an agreement to sell MACtac, its global Pressure Sensitive Materials business, to Platinum Equity, a California-based private equity firm, for a purchase price of $170 million. This transaction, which is subject to customary closing conditions and regulatory approval, is expected to close during the fourth quarter. Proceeds of the sale will reportedly fund the growth of Bemis’ flexible packaging business.
“Bemis is now positioned to dedicate all of our resources to accelerating strategic growth in our core flexible packaging business,” said William Austen, president and CEO. “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.
“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,” he said.