Sealed Air buying bagging system maker APS for $510 million
The deal will expand Sealed Air's automation, technical service, and sustainable packaging offerings.
Bubble wrap maker Sealed Air Corp. is acquiring Automated Packaging Systems Inc. (APS), an Ohio-based manufacturer of automated bagging systems, for US$510 million.
The acquisition will benefit the companies through “cross-selling opportunities” and “supply chain efficiencies,” Sealed Air said in a statement. “And APS will bring complementary capabilities and a history of innovation to Sealed Air.”
Founded in 1962 with headquarters in Streetsboro, Ohio, APS employs more than 1,200 people, serves customers in over 60 countries, and operates seven manufacturing sites in the U.S. and U.K. In 2018, APS generated US$290 million in sales. The company is known for inventing Autobag bagging machines and pre-opened bags on a roll, and also offers three recycled film solutions under the EarthAware brand.
The acquisition is expected to close early in the third quarter of 2019.
Headquartered in Charlotte, N.C., Sealed Air makes the Cryovac food packaging and Bubble Wrap protective packaging brands. The company reported US$4.7 billion in sales in 2018 and has approximately 15,500 employees.
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