The Bemis Company, Inc. has reached an agreement to sell its Paper Packaging Division to Hood Packaging Corporation, according a news release announcing the agreement.
The sale includes the offices and manufacturing facilities located in Crossett, Omaha, Vancouver, and Minneapolis.
Terms of the agreement were not disclosed. This transaction, which is subject to customary closing conditions and regulatory approval, is expected to close during the first quarter of 2014.
“Today’s announcement represents an opportunity for our Paper Packaging business to be part of Hood Packaging’s growing paper packaging products business,” Henry Theisen, Bemis Company’s chairman and chief executive officer said in a news release. “The sale of this division will allow Bemis to focus our resources on strategic opportunities in high barrier flexible packaging, medical and pharmaceutical packaging, and developing geographic markets.”
Hood Packaging supplies paper flexible packaging and bags, consumer plastic packaging, and industrial plastic packaging from its facilities located across the United States and Canada. It has a facility in Monticello.