Bemis Company has announced an agreement to acquire the global Clysar shrink film business of E.I. duPont de Nemours and Company.
Clysar is a global supplier of premium polyolefin shrink film used primarily in total over-wrap applications for the display, protective packaging and food markets. The Clysar business operates plants in Clinton, Iowa and Le Trait, France. Closing is subject to normal closing conditions and regulatory approval and is expected in early August. Terms of the agreement were not disclosed.
Commenting on the pending acquisition, Jeffrey Curler, president and CEO of Bemis Company said: "I am very pleased to be adding the Clysar brand to our flexible packaging product line. The brand broadens our product reach to the worldwide industrial shrink film market, bringing with it sophisticated, patented technology and a strong customer distribution system. This acquisition will enrich our existing oriented film capabilities, which include shrink bags, industrial shrink film and heat set polyester and polypropylene."
He continued: "The process will also offer our research engineers new opportunities to generate proprietary packaging solutions for our global food and consumer products customers.
"Clysar will become part of the high barrier product line of our flexible packaging segment and is expected to contribute in excess of $100 million in sales in 2003. This business will continue to operate from the existing Clysar facilities. With a talented workforce already in place, we expect this acquisition to be modestly accretive to Bemis' EPS in 2002."