- August 15, 2003, PRESS RELEASE
MINNEAPOLIS, MN, USA—Late last month, Bemis Company Inc. and UPM-Kymmene agreed to terminate to sell Bemis Co.'s pressure sensitive materials business to UPM-Kymmene. The companies entered into a purchase and sale agreement on August 21, 2002. On April 15, 2003, the US Dept. of Justice filed a complaint seeking in injuction to block the transaction. In an opinion released on July 25, 2003, in the US District Court for the Northern District of Illinois, the Dept. of Justice was granted an injunction to block the transaction, according to Bemis Co.'s press release. The companies do not plan to appeal the court decision.
Says Bemis president/CEO Jeff Curler, "We are obviously disappointed that the transaction could not be completed. With this issue now behind us, we will continue to manage our pressure sensitive materials business to improve profitability, strengthen our manufacturing efficiencies, and re-establish a commitment to our customers."