Bemis Company, the global flexible packaging manufacturer, has completed the purchase of the Walki Films business of UPM-Kymmene for a cash price of approximately $68.5 million (€69.5m).
The acquired business becomes the largest component of Bemis' European packaging operations.
The acquisition includes manufacturing plants in Valkeakoski, Finland and Epernon, France. The move is part of Bemis's drive to expand its presence beyond the North American market and to further increase its footprint in the European market.
Walki Films is a major European manufacturer of packaging films, specialising in high barrier vacuum and modified atmosphere packaging used primarily for packaging meat, cheese, and other fresh foods. With annual sales of about $120 million, Walki Films will more than double the current level of Bemis' flexible packaging sales in Europe.
In July the company announced the acquisition of French shrink film producer Clysar for $142 million.
Bemis is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, manufacturing, and other companies worldwide. Founded in 1858, the company reported 2001 sales of $2.3 billion last year.
The company's flexible packaging business has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing and converting. Its pressure sensitive materials business specializes in adhesive technologies. Based in Minneapolis, Minnesota, Bemis employs about 12,000 individuals in 50 manufacturing facilities in 10 countries around the world.