Flexible packaging specialist Bemis Company has agreed to divest its global Pressure Sensitive Materials business MACtac to US-based private equity firm Platinum Equity, in a $170m deal.

MACtac has manufacturing facilities across Scranton, Pennsylvania; Columbus, Indiana; San Luis Potosi, Mexico; Soignies, Belgium; and Genk, Belgium, along with offices in Stow, Ohio, and a worldwide sales and distribution network.

The transaction is subject to customary closing conditions and regulatory approval, and is expected to be completed in the fourth quarter of 2014.

"We believe the company is well positioned for growth, both organically and through prospective add-on investments."

Bemis claims that that proceeds of the sale will be used to fund the growth of its flexible packaging business.

Bemis Company president and CEO William Austen said: "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.

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"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."