Sale of Bemis unit is delayed

Omnexus - Dec 12, 2002

MINNEAPOLIS, Dec. 12 -- Flexible packaging giant Bemis Co. said today that the sale of its pressure sensitive materials business, known as MACtac, to Finland's UPM-Kymmene will be delayed until 2003 to accommodate an ongoing review by U.S. regulatory authorities. Bemis expects to complete the transaction during first half 2003. >br> The $420 million deal, which was announced Aug. 21, was approved by European regulatory authorities on Oct. 16. According to UPM-Kymmene, acquisition of the MACtac unit will "significantly" increase the U.S. self-adhesive label market share of its subsidiary, Raflatac, which makes pressure-sensitive materials. The MACtac unit has five production facilities in the U.S., one in Belgium, and a joint venture...

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