US-based flexible packaging company Bemis has signed an agreement with Hood Packaging to sell its paper packaging division.
As part of the deal, Hood Packaging will acquire offices and manufacturing facilities of the division, situated in Omaha of Nebraska, Crossett of Arkansas, Minneapolis of Minnesota and Washington in US, as well as Vancouver in Canada.
Bemis chairman and CEO Henry Theisen said the sale will allow the company to focus on strategic opportunities in high barrier flexible packaging, medical and pharmaceutical packaging, and developing geographic markets.
"Today's announcement represents an opportunity for our Paper Packaging business to be part of Hood Packaging's growing paper packaging products business," Theisen added.
The transaction, which is expected to be completed in the first quarter of 2014, is subject to customary closing conditions and regulatory approval.
Through its facilities located in the US and Canada, Hood Packaging supplies paper flexible packaging and bags, consumer plastic packaging, and industrial plastic packaging.
