Bemis Sees $215 Mln in Asset Sales To Clear Justice Department Antitrust Hurdles

Bemis Company (BMS), a plastic-packaging manufacturer attempting to complete a merger with Amcor, on Monday said Amcor plans to shed $215 million in assets to satisfy Department of Justice antitrust concerns.

Amcor has agreed to sell plants in Massachusetts and Wisconsin for $215 million to privately held Techni-Plex. The combined sales revenue from the assets is about $100 million a year, said Bemis.

Once the assets are sold, “all antitrust clearances which are conditional to closing will have been completed,” said Bemis. The company affirmed it expects the merger to be completed May 15.

“Total remedies required by the European Commission and DOJ represent an immaterial proportion of the total sales for the combined company and do not impact the $180 million of net cost synergies expected to be delivered by the end of the third year following completion,” Bemis added.