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Atlas to Buy MWV Division
September 9, 2010 By: Packaging online staffAtlas Holdings, which specializes in packaging for Blue-ray discs, DVDs, music, and video games, will acquire MWV’s media and entertainment packaging businesses.
Atlas Holdings, Greenwich, Conn., has signed a definitive agreement with Richmond, Va.-based Mead Westvaco Corp. (MWV), Richmond, Va., to purchase MWV’s media and entertainment packaging businesses, subject to certain closing conditions. Completion of the transaction is expected on Sept. 30. Terms weren’t disclosed.
The businesses, which operate under the names AGI Media, AGI Amery, and AGI Polymeric, specialize in packaging for Blue-ray discs, DVDs, music, and video games, and have about 1,450 employees.
When complete, the transaction will represent the fifth major acquisition by Atlas and its companies in the past two years. Earlier this year Atlas acquired three niche trading divisions of North Pacific Group, with interests in a variety of sectors. Also this year Northern Pulp Nova Scotia Corp., an Atlas company, acquired 475,000 acres of forestland from Neenah Paper.
“The AGI acquisition reflects Atlas’ investment strategy of purchasing successfully transitioning divisions of a larger corporate parent into strong, independent businesses,” says Timothy Fabio, managing partner of Atlas Holdings. “Our more than a decade of experience in the packaging industry strengthens our confidence in this acquisition and enhances our ability to realize synergies among our companies.”
Atlas Holdings is a holding company founded in 2002, although many of its companies have been in business for more than 100 years. Atlas currently owns eight “platform” companies that operate from more than 40 facilities throughout North America and Europe, generating more than $1.5 billion annually. Atlas’ family of companies employs 3,500 people and are engaged in a variety of industries, including consumer packaging, steel, pulp and paper, building materials, business services, capital equipment, distribution, industrial packaging, and timber and wood products.
