BEMIS TO SELL PACKAGING MACHINERY BUSINESSES TO BARRY-WEHMILLER GROUP, INC.MINNEAPOLIS--(BUSINESS WIRE)--Feb. 27, 1997--BEMIS COMPANY, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . AND BARRY-WEHMILLER GROUP, INC. announced today that they have reached an agreement in principle for Bemis to sell to Barry-Wehmiller its packaging machinery businesses comprised of Accraply, Inc., Bemis Packaging Machinery Co., and Hayssen Manufacturing Co. These three businesses had combined net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in 1996 of approximately $93 million. Terms of the agreement were not disclosed. The transaction is subject to government approval and the execution of a definitive purchase and sale agreement. Barry-Wehmiller Group, Inc. is a privately held firm that is the leader in packaging automation. Following the acquisition of the Bemis packaging machinery businesses, Barry-Wehmiller revenues will be $250 million, making it one of the largest firms of its kind in the Western Hemisphere Western Hemisphere Part of Earth comprising North and South America and the surrounding waters. Longitudes 20° W and 160° E are often considered its boundaries. . Bemis is a manufacturer of flexible packaging and pressure-sensitive materials, with sales of $1.7 billion. Bemis' common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . CONTACT: Bemis Company, Inc. Robert F. Kleiber, Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. (612) 376-3030 or Barry-Wehmiller Group, Inc. Robert H. Chapman, President (314) 862-8000 |
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