DuPont to Sell Its Clysar Industrial Shrink Film Business to Bemis
Press release from the issuing company
Sale Includes Manufacturing Assets in Clinton, Iowa and LeTrait, France
WILMINGTON, Del., June 19 -- DuPont today announced that it has reached an agreement to sell its global Clysar shrink film business and manufacturing assets to the Bemis Company, Inc., the largest flexible packaging company in North America and a major manufacturer of pressure sensitive materials used for labels, decoration and signage. Terms and conditions were not disclosed.
"Today's announcement reflects an opportunity for our Clysar shrink film business to be part of Bemis' broad line of flexible film products and represents a bright future for the Clysar business and our employees," said Craig Binetti, president of DuPont Packaging and Industrial Polymers.
Binetti added, "Going forward in our Packaging & Industrial Polymers businesses, we will focus our efforts on driving innovation, new product development and applications using our core polymer resins and films technologies to grow our specialty products business."
By acquiring this business, Bemis can build on the strong foundation of the Clysar shrink film business, which will complement Bemis' already prominent position in the flexible packaging market, and will allow expansion into new, growing shrink film segments.
The acquisition includes all elements of the global DuPont Clysar industrial shrink film business, including research and development, sales, marketing and manufacturing at Clinton, Iowa and LeTrait, France. The existing distribution channel will continue selling and servicing the Clysar product line for Bemis. Transfer of ownership is expected to occur in August 2002.
The DuPont Clysar product line consists of a family of high-clarity, tamper-resistant polyolefin shrink films designed for the display and protective shrink wrapping of CDs, electronics, paper products and other consumer goods.
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