By Jim Johnson
SENIOR STAFF REPORTER
Published: September 8, 2014 9:51 am ET
Updated: September 8, 2014 6:24 pm ET
Image By: Bemis Co. Inc.
William Austen
Bemis Co. Inc. is selling off its pressure-sensitive materials business in a move that will raise cash to help expand the company’s flexible packaging business.
The Neenah, Wis.-based company revealed Sept. 8 plans to sell the business known as MACtac to Platinum Equity LLC, a private equity firm based in California, for $170 million.
“Bemis is now position to dedicate all of our resources to accelerating strategic growth in our core flexible packaging business,” CEO William Austen said in a statement.
Selling off the pressure-sensitive portion of the company also allows that operation to grow under Platinum Equity, Austen said.
The business being sold has manufacturing sites in Scranton, Pa.; Columbus, Ind.; San Luis Potosi, Mexico; Soignies, Belgium, and Genk, Belgium. Offices are in Stow, Ohio.
Even with annual sales of $553 million, the pressure-sensitive business represents just a small sliver of the company’s $5 billion in annual sales.
Bemis, earlier this year, also sold off its paper packaging division to Hood Packaging Corp.
Platinum Equity, based in Los Angeles, also owns BWAY corp., a maker of rigid plastic and metal containers. | 
