Under the terms of the agreement, Bemis will take over SteriPack‘s Irish facility, as well as packaging production assets in Malaysia and the US.
SteriPack’s medical device packaging services reported annual net sales of around $65m in fiscal 2015.
Bemis president and CEO William Austen said: "SteriPack’s strong customer relationships and modern clean room operations will complement our new and expanding global healthcare operations and will increase our capacity to meet the needs of the growing healthcare industry.
"We expect this acquisition to be modestly accretive to earnings per share in 2016."
Subject to customary conditions and regulatory approvals, the transaction will close by the end of this month.
After closing the deal, SteriPack will independently own and operate a contract manufacturing services business that caters to the medical device, pharmaceutical, and allied healthcare industries.
Bemis provides polymer chemistry, film extrusion, coating and laminating, printing and converting services.
With more than 17,500 employees, the firm offers its services to companies in sectors including food, consumer products and healthcare.