By The Business Journal of Milwaukee

Bemis Co. Inc., a supplier of flexible packaging materials, said Tuesday that it has completed the sale of its facilities in Menasha and in Tulsa, Okla., to Exopack Holding Corp. for $82 million in cash.

Neenah-based Bemis (NYSE: BMS) was under regulators' orders to sell the plants as part of its acquisition of Alcan Packaging Food Americas. The Menasha and Tulsa facilities, which generated about $156 million in revenue in 2009, focus on the production of plastic packaging for retail natural cheese and shrink bags for fresh red meat.

Spartanburg, S.C.-based Exopack, an affiliate of private equity firm Sun Capital Partners Inc., of Boca Raton, Fla., is a manufacturer of paper and flexible packaging. Products manufactured by Exopack include microwave packaging, printed collation shrink films, laminated materials, specialty bags and pouches, heavy duty shipping sacks, medical components and optical and electronic films.

Bemis closed on the $1.2 billion Alcan acquisition March 1. Bemis acquired 23 Food Americas flexible packaging facilities in the United States, Canada, Mexico, Brazil, Argentina and New Zealand. The 23 facilities produce flexible packaging for the food and beverage industries and employ about 4,600 workers.

Copyright 2010 American City Business Journals
Copyright 2010