In a major plastics packaging deal, Sealed Air Corp. is acquiring Automated Packaging Systems Inc. for $510m (€457m).
Charlotte, North Carolina-based Sealed Air announced the deal in a 1 May news release. APS, based in Streetsboro, Ohio, is a supplier of automated bagging systems and pre-opened bags on a roll. APS has annual sales of $290 million and employs more than 1,200 at seven sites in the US and UK.
APS "is a market leader with unique and innovative solutions, complete with automated equipment, materials and services," Sealed Air President and CEO Ted Doheny said in a news release.
"The addition of APS is well aligned with our Reinvent SEE goal of doubling our innovation rate over the next five years," he added. "This transaction expands the breadth of our automated solutions and sustainable packaging offerings, giving us access to growth opportunities in the markets we serve."
APS sells its bagging machines under the Autobag trade name. The business was founded by brothers Bernie and Hershey Lerner in Queens, New York, in 1962 before moving to the Cleveland area two years later.
APS is majority owned by employees through an employee stock ownership (ESOP) plan that began in 1997. The Lerners also retained a stake in the firm.
Sealed Air is a publicly owned packaging firm whose brands include Bubble Wrap and Cryovac. The firm employs 15,500 worldwide and posted sales of $4.7bn (€4.2bn) in 2018.