Sealed Air Corp. (NYSE: SEE), Elmwood Park, NJ, has agreed to sell its rigid medical packaging business to private equity firm Mason Wells Buyout Fund III, L.P. Sealed Air expects to receive $125 million for the sale.
Sealed Air's rigid medical packaging business was formed from three previous acquisitions: Nelipak Holdings, Alga Plastics and ATE Costa Rica, which includes facilities in each of Ireland, the Netherlands, the U.S. and Costa Rica.
“The transaction is another step in our commitment to a disciplined approach to portfolio management,” said Jerome Peribere, president and CEO. “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.”
Peribere said Sealed Air will continue to manufacture medical and pharmaceutical films. The transaction is expected to close in the fourth quarter.
