Pregis Sells Packager To Sun Capital For $221M

Law360, New York (October 14, 2011, 3:33 PM EDT) -- Pregis Corp. said Friday it would sell its profitable protective packaging unit Kobusch-Sengewald to the European arm of Florida-based private equity investor Sun Capital Partners Inc. for $221 million and that it would use the money to pay down debt.

Deerfield, Ill.-based Pregis said Germany-based Kobusch-Sengewald, which makes flexible packaging films for consumer goods and semi-rigid and rigid packaging for high-end food products, saw adjusted earnings of $34 million for the year that ended Sept. 30 on nearly $300 million in sales.

“I am pleased to...
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