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Looking to increase its presence and market share in Asia, specialty packaging maker Bemis (NYSE: BMS ) announced today it was acquiring a Chinese manufacturer of specialty films, Foshan New Changsheng Plastics Films.
Stating the acquisition represents an important step in its international growth strategy, Bemis President and CEO Henry Theisen said: "NCS has strong customer relationships and expertise in specialty filmmanufacturing for food packaging, personal care packaging, consumer electronics, and specialty applications. Their newly expanded manufacturing facilities will also be capable of manufacturing film for sensitive medical device and pharmaceutical applications."
While details of the transaction were not disclosed, the deal is not expected to impact Bemis' earnings per-share guidance for 2013. The specialty packaging maker had $5.1 billion in revenues in 2012, but only a small portion, or $132 million -- some 2.6% of the total -- came from the Asia-Pacific region.
Shares of Bemis closed up $0.32 today at $39.46 per share.