Bemis Acquires Changsheng Plastics Films
Bemis Company, Inc. is expanding its Asia-Pacific foothold with the purchase of Foshan New Changsheng Plastics Films Co. Financial terms of the transaction were not disclosed.
Headquartered in China, Foshan New Changsheng Plastics Films is a specialty film manufacturer. The company manufactures PE PP (Polyethylene & Polypropylene) films used for food, medical lamination packaging, PE films for process and Terminal protecting of electronic products.
The acquisition will provide Bemis an opportunity to enhance its presence in the Asia Pacific region which is in line with its long-term strategy. The acquisition, however, will not affect the earnings projections of the company for 2013.
Bemis, in 2011, acquired Mayor Packaging in China, which provided it a high-barrier footprint focused on the growing food packaging market in the region. The company has also embarked on an aggressive cost reduction program by closing nine facilities and moving the production to other facilities.
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