MeadWestvaco, Richmond, Va., USA, will sell its global media and entertainment packaging business to Atlas Holdings LLC, which owns a family of companies that span multiple industries including consumer packaging, steel, and pulp and paper, for $68 million in cash, subject to certain closing conditions. Completion of the transaction is expected September 30.
The MWV media business specializes in packaging for DVDs, music, and video games and has approximately 1,450 employees. Included in the sale is the global network of media packaging businesses that operate under the names AGI Media, AGI Amaray, and AGI Polymatrix. Principal operations are in the U.S., the U.K., Austria, France, Ireland, Germany, Poland, The Netherlands, and Australia.
"This transaction allows us to further sharpen our focus on the growing global consumer packaging markets we have selected and dedicate our resources to ensure we are leveraging our capabilities in these key markets," said John A. Luke, Jr., MWV chairman and CEO. "The media and entertainment business team has achieved great success in this market and continues to be at the forefront of innovative packaging for music, movies, and video games. We are confident that under Atlas' ownership, the media and entertainment business will continue to have a market-leading position in this sector."
TAPPI
http://www.tappi.org/