Milwaukee private equity firm Mason Wells Buyout Fund III L.P. has agreed to acquire the rigid medical packaging division of Sealed Air Corp. for $125 million.
The transaction is expected to close by the end of the year.
Elmwood Park, N.J.-based Sealed Air formed the rigid medical packaging business through three previous acquisitions: Nelipak Holdings, Alga Plastics and ATE Costa Rica. The division has facilities in the U.S., Costa Rica, Ireland and the Netherlands.
“The transaction is another step in our commitment to a disciplined approach to portfolio management,” said Jerome Peribere, president and chief executive officer of Sealed Air. “Our rigid medical business has a strong global position but no longer presents a strategic fit for us. By further focusing our portfolio, we can maximize our investment in new innovations which are core to our market-driven business.”
Sealed Air reported $7.6 billion in revenue for 2012 and has about 26,000 employees worldwide.
“Sealed Air remains committed to the medical packaging industry and will continue to manufacture medical and pharmaceutical films,” Peribere said.
Sealed Air also acquired Sturtevant-based cleaning, sanitation and hygiene product manufacturer Diversey Inc. in 2011.
In a town hall meeting with employees in Sturtevant last month, Peribere called for a transformation of the company to eliminate waste and improve profitability.
