NEENAH, Wis. (AP) -- Flexible packaging maker Bemis Co. said Tuesday it agreed to sell some of its assets, including two factories, to help fund a $1.2 billion deal for Rio Tinto PLC's Alcan packaging business.
Bemis said it will sell parts of its food packaging business, including facilities in Menasha, Wis., and Tulsa, Okla., to Exopack Holding Corp for $81.2 million. Exopack is affiliated with Sun Capital Partners Inc.
A court ordered the company to divest some assets when it approved the Alcan acquisition in February. Bemis said the assets that are being sold bring in about $100 million in revenue per year.
Bemis shares rose 56 cents to $29.08 in afternoon trading.