Bemis Company to Acquire Packaging Operations of SteriPack
April 20 2016 - 06:00AM
Business Wire
Bemis Company, Inc. (NYSE:BMS) today announced that it has
signed a definitive agreement to acquire the medical device
packaging operations and related value-added services of SteriPack
Group, a global manufacturer of sterile packaging solutions for
medical device and pharmaceutical applications. This acquisition
includes a facility in Ireland as well as packaging production
assets in Malaysia and the United States. These operations recorded
annual net sales of approximately US$65 million in fiscal 2015.
SteriPack Group will continue to independently own and operate its
contract manufacturing services business. Details of the
transaction were not disclosed. The transaction is expected to
close effective April 29, 2016.
“This acquisition supports Bemis’ strategy to grow our
healthcare packaging business,” said William F. Austen, President
and Chief Executive Officer of Bemis Company, Inc. “SteriPack’s
strong customer relationships and modern clean room operations will
complement our new and expanding global healthcare operations and
will increase our capacity to meet the needs of the growing
healthcare industry. We expect this acquisition to be modestly
accretive to earnings per share in 2016.”
XMS Capital Partners, LLC is acting as financial advisor and
Squire Patton Boggs LLP is acting as legal advisor to Bemis
Company.
Mason Hayes Curran is acting as legal advisor and Russell
Brennan Keane and Deloitte are acting as tax advisors to SteriPack
Group.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical, including
statements relating to the expected future performance of the
Company, are considered “forward-looking,” and are presented
pursuant to the safe harbor provisions of the Securities Litigation
Reform Act of 1995. Such content is subject to certain risks and
uncertainties, including but not limited to general economic
conditions, future changes in cost or availability of raw
materials, the ability to adjust selling prices, consumer buying
patterns, changes in customer order patterns, the results of
competitive bid processes, costs associated with the pursuit of
business combinations or divestitures, a failure in our information
technology infrastructure or applications, foreign currency
fluctuations, changes in working capital requirements, changes in
government regulations, and the availability and related cost of
financing from banks and capital markets. Actual future results and
trends may differ materially from historical results or those
projected in any such forward-looking statements depending on a
variety of factors, which are detailed in the Company's regular SEC
filings including the most recently filed Form 10-K for the year
ended December 31, 2015.
ABOUT STERIPACK GROUP
Founded in 1994, SteriPack Group provides cleanroom sterile
packaging solutions and contract manufacturing services for many of
the world’s medical device, pharmaceutical, and allied healthcare
industries. More information about SteriPack is available at
http://steripackgroup.com/.
ABOUT BEMIS COMPANY, INC.
Bemis Company, Inc. (“Bemis” or the “Company”) is a major
supplier of flexible and rigid packaging used by leading food,
consumer products, healthcare, and other companies worldwide.
Founded in 1858, Bemis reported 2015 net sales of $4.1 billion.
Bemis has a strong technical base in polymer chemistry, film
extrusion, coating and laminating, printing, and converting.
Headquartered in Neenah, Wisconsin, Bemis employs approximately
17,500 individuals worldwide. More information about Bemis is
available at our website, www.bemis.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160420005386/en/
Bemis Company, Inc.Erin M. Winters, 920-527-5288Director
of Investor Relations
Bemis (NYSE:BMS)
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