US-based print and packaging solutions provider Multi Packaging Solutions International (MPS) has entered into a letter of intent to purchase Paris Art Label Company (Paris Art) for an undisclosed sum.
The deal is subject to the completion of diligence steps and Board of Directors’ approval, which is expected to be completed within this month.
With the acquisition, MPS aims to fulfil its previously announced strategy to expand its capability and presence in the global label industry.
Formed in 1925, Paris Art currently provides labels and shrink print packaging products for the US market.
Multi Packaging Solutions International CEO Marc Shore said: “We look forward to the Paris Art team joining the MPS family as we finalise our diligence steps and embark on the integration process.
“Both companies share a common vision: to provide innovative products of the highest quality to our customers.
“Acquiring Paris Art is a significant step in enhancing our offering to our customers and achieving our strategic goals.”
In January, the company announced that it would be acquired by WestRock Company for an enterprise value of $2.28bn.
Subject to a vote by MPS’s shareholders, necessary regulatory approvals and other customary closing conditions, the deal is scheduled to be closed by the third quarter of the current fiscal year.