US packaging company Sealed Air is set to acquire Philippines-based MGM’s flexible packaging business in an effort to expand its food packaging portfolio.
Headquartered in Manila, MGM offers printing, lamination and flexible food packaging materials for consumer-packaged goods markets in Southeast Asia.
The company also exports to Australia, Brunei Darussalam, and New Zealand. It currently employs 150 people.
Leveraging MGM’s expertise, Sealed Air is planning to expand its printing and lamination capabilities as well as offer enhanced services to its customers across the Asia-Pacific region.
Sealed Air senior vice-president, president and chief commercial officer Karl Deily said: “We are excited to have the talented team at MGM join us and improve our ability to deliver world-class innovations to the region’s rapidly growing food market.
“This acquisition enables us to expand our capacity and footprint in Asia and aligns with our strategy to invest in high-growth geographies and markets.”
The company expects to close the transaction in April. Terms have not been disclosed.
Sealed Air offers a range of packaging solutions under various brands, including Cryovac brand food packaging solutions and Bubble Wrap brand cushioning.
It currently employs approximately 15,000 associates across 122 countries, including more than 2,000 people in Asia to serve its customers globally.
Last December, Sealed Air outlined its Reinvent SEE strategy in a move to accelerate profitable growth.
As part of the strategy, the company is focusing on key areas such as new innovations, selling, general and administrative (SG&A) productivity, product cost efficiency, channel optimisation and customer service enhancements.