Mason Wells has completed its acquisition of Appleton‘s Performance Packaging operations. The deal was valued at around $58 million. The newly-independent company will be named NEX Performance Films Inc., and will make single and multilayer polyethylene films.
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.
Appleton creates product solutions through its development and use of coating formulations, coating applications and Encapsys microencapsulation technology. The Company produces carbonless, thermal and security papers and Encapsys products. Appleton, headquartered in Appleton, Wisconsin, has manufacturing operations in Wisconsin, Ohio and Pennsylvania, employs approximately 2,000 people and is 100 percent employee-owned. For more information, visit www.appletonideas.com.