15:15 | 13/02/2019 Companies
(VEN) - Sealed Air Corporation (NYSE: SEE) has acquired MGM’s flexible packaging business. MGM is a privately held company headquartered in Manila, the Philippines. The transaction is expected to close in April.
Founded in 1982, MGM, specializes in printing and laminating and provides flexible food packaging materials for consumer packaged goods markets in Southeast Asia. The company also exports to and supports companies in Australia and New Zealand.
Sealed Air plans 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,” said Karl Deily, SVP, President and Chief Commercial Officer of Sealed Air. “This acquisition enables us to expand our capacity and footprint in Asia and aligns with our strategy to invest in high-growth geographies and markets.”
Sealed Air has had a presence in the Philippines for more than 20 years and employs more than 2,000 people in Asia. MGM employs 150 people.
Terms of the transaction were not disclosed and are not material to Sealed Air’s financial results.