Bemis To Buy Packaging Operations Of SteriPack; Terms Not Disclosed

(RTTNews) - Bemis Co., Inc. (BMS), a supplier of flexible and rigid packaging, announced Wednesday that it has signed a definitive agreement to acquire the medical device packaging operations and related value-added services of SteriPack Group. Details of the transaction were not disclosed.

The transaction is expected to close effective April 29, 2016.

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 $65 million in fiscal 2015.

Following the deal, SteriPack Group will continue to independently own and operate its contract manufacturing services business.

William Austen, President and Chief Executive Officer of Bemis, said, "This acquisition supports Bemis' strategy to grow our healthcare packaging business. 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.