Elmwood Park-based food safety and packaging company Sealed Air Corporation announced today it has entered into a definitive agreement to sell its rigid medical packaging business to a private equity firm, Mason Wells Buyout Fund III L.P. The company expects to receive proceeds of $125 million from the sale.
According to the announcement, Sealed Air's rigid medical packaging business was formed from three previous acquisitions: Nelipak Holdings, Alga Plastics and ATE Costa Rica, which includes facilities in Ireland, the Netherlands, the U.S. and Costa Rica. The transaction is expected to be completed in the fourth quarter of 2013, subject to the satisfaction of customary closing conditions. The price will be subject to certain purchase price adjustments.