14.07.2010

Bemis Sells Plants For $82 Million

emis Co. (BMS) said it has sold two plants, fulfilling one of the Justice Department's conditions for its $1.2 billion purchase of packaging rival Alcan Packaging Foods America. Bemis sold the operations for $82 million in cash to Sun Capital Partners Inc.'s Exopack Holding Corp. The assets, which make flexible packaging for retail cheese and shrink bags for fresh red meat, included a facility in Wisconsin and another in Oklahoma. The plants generated about $156 million in revenue last year. The packaging manufacturer bought Alcan as a catalyst for the kind of earnings growth it has lacked in recent years. Bemis shares closed Tuesday up 0.9% at $28.21 and were flat after hours. The stock has risen 12% in the last year, underperforming the market at large.


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