Bemis, the US-based packaging provider, has announced the completion of the previously announced transaction to sell its Pressure Sensitive Materials Business segment to UPM-Kymmene will be delayed until the first half of 2003.
Bemis said that the decision was taken in order to accommodate the ongoing review of information by the US regulatory authorities. Bemis anticipates completing the transaction during the first half of 2003. The closing would occur within approximately 30 days of receiving US regulatory approval.
Bemis originally announced the agreement to sell the Pressure Sensitive Materials Business to Finland-based forestry products company, UPM-Kymmene on August 21, 2002. The transaction was approved by the European regulatory authorities on October 16, 2002.
Earlier on this year Bemis acquired both the US-based Walki Films division and the Dupont Films division in an effort to extend its reach into the global films market. The decision to sell the Pressure Sensitive Materials Business was made in order to focus activities on the flexible packaging area.
Bemis Company is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, manufacturing, and other companies worldwide. Based in Minneapolis, Minnesota, Bemis employs about 12,000 individuals in 50 manufacturing facilities in 10 countries around the world.
Formed in 1995, UPM-Kymmene is one of the world's leading forestry products companies. Based in Helsinki the company has production facilities in 17 countries, employs 36,000 people and is listed on both the Helsinki and New York stock exchanges.