NEW YORK Stock Exchange-listed company Sealed Air Corp. said it is buying the flexible packaging business of local company MGM Food and Commodities Corp.
In a statement on Wednesday, Sealed Air said the deal is scheduled to close in April, but details of the transaction were withheld pending the release of its financial results.
The United States-based company said it wants to “leverage MGM’s expertise to expand its printing and lamination capabilities and better serve customers throughout the Asia Pacific region.”
“We are excited to have the talented team at MGM join us and improve our ability to deliver world-class innovations to the region’s rapidly growing food market,” Sealed Air President and Chief Commercial Officer Karl Deily was quoted as saying. in the statement.
Mr. Deily said the acquisition of MGM allows the company to expand its capacity and presence in Asia.
On its website, MGM said it has experience in providing premium products, packaging materials and food ingredients. The packaging business, which it is selling to Sealed Air, is involved in supplying laminated vacuum bags, thermoformable films, stand up pouches, grease proof papers, among other specialized packaging materials.
Sealed Air, on the other hand, has been in the Philippines for more than 20 years. It offers packaging solutions such as Cryovac brand food packaging solutions and Bubble Wrap brand cushioning. — Denise A. Valdez