Flexible packaging specialist Bemis has completed the sale of its global pressure-sensitive materials business MACtac to Platinum Equity in a previously announced deal worth $170m.
Earlier in September, Bemis announced plans to divest MACtac, a move that will allow the company to bolster its flexible packaging business.
MACtac business segment operates manufacturing facilities in Pennsylvania and Indiana, US, as well as Mexico and two facilities in Belgium, along with offices located in Stow, Ohio, and a worldwide sales and distribution network.
Bemis Company president and CEO William Austen had previously said: "Bemis is now positioned to dedicate all of our resources to accelerating strategic growth in our core flexible packaging business.
"Our focus on increasing sales of value-added products for high-barrier, medical and pharmaceutical applications around the world will support our improving performance metrics, as well as our organic and inorganic growth objectives.
"This transaction will provide an opportunity for the pressure-sensitive materials management team to execute its growth strategy as part of the Platinum Equity portfolio."
Platinum Equity partner Louis Samson said: "We have developed a great relationship with Bemis and are pleased to have crafted a divestiture solution that meets their needs, while setting MACtac up for long-term success.
"We believe the company is well-positioned for growth, both organically and through prospective add-on investments.
"We will provide MACtac the resources, support and focus it needs to thrive as a standalone company."
Goldman Sachs acted as financial advisor to the company, while Baker and McKenzie acted as its legal counsel.