Appleton, Wis. - Appleton announced today that it has completed the sale of its Performance Packaging operations to a newly formed company named NEX Performance Films Inc. which is owned by Mason Wells, a Milwaukee-based private equity firm. The purchase price paid in the transaction was approximately $58 million. Appleton intends to use proceeds from the sale to reduce debt and for general corporate purposes.

The operations Appleton sold produce high-quality single and multilayer polyethylene films and are comprised of American Plastics Company, Inc., located in Rhinelander, Wis.; and New England Extrusion Inc., which has facilities in Turners Falls, Mass., and Milton, Wis.

The sale of the Performance Packaging operations is a strategic move to consolidate Appleton's offerings and to allow the company to focus on its specialty paper and Encapsys microencapsulation businesses.