13 November 2013 14:26 [Source: ICIS news]
HOUSTON (ICIS)--US packaging major Sealed Air has agreed a $125m (€93m) deal to sell its rigid medical packaging business to private equity firm Mason Wells, it said on Wednesday.
The sale includes facilities in Ireland, the Netherlands, the US and Costa Rica.
However, Sealed Air is not exiting the medical packaging industry but will continue to manufacture medical and pharmaceutical films, it said.
"The transaction is another step in our commitment to a disciplined approach to portfolio management," said CEO Jerome Peribere.
"Our rigid medical business has a strong global position but no longer presents a strategic fit for us," he added.
Sealed Air expects to complete the divestment in the current fourth quarter.
Sealed Air's rigid medical packaging business was formed from three acquisitions: Nelipak Holdings, Alga Plastics and ATE Costa Rica.
($1 = €0.74)
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