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EXHIBIT 99 - PRESS RELEASES DATED JULY 7, 2000
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BEMIS COMPANY, INC.
222 South Ninth Street
Suite 2300
Minneapolis, MN 55402-4099
For additional information please contact: Benjamin R. Field, Sr. Vice President
& CFO (612) 376-3003
July 7, 2000
FOR IMMEDIATE RELEASE
BEMIS TO ACQUIRE SPECIALTY PLASTIC FILMS BUSINESS FROM VISKASE COMPANIES, INC.
Bemis Company, Inc. (NYSE-BMS) today announced that it has signed a
definitive agreement to acquire the specialty plastic films business of Viskase
Companies, Inc., which supplies a variety of shrinkable barrier bags, films and
cook-in bags to fresh beef, pork, and poultry processors. It had net sales of
approximately $150 million in 1999.
The transaction will be an asset sale in which Bemis will pay
approximately $228 million in cash for the business. Excluded from the assets
being acquired are $17 million in accounts receivable currently on Viskase's
books. The acquisition is expected to be moderately dilutive to reported
earnings per share in the first full year and accretive after that. On a cash
earnings per share basis, the transaction is expected to be neutral in the first
full year.
Commenting on the announcement, Jeffrey H. Curler, President and Chief
Executive Officer of Bemis said, "We are very enthusiastic about the
opportunities this acquisition presents to Bemis. Viskase has strong and complex
technologies that both complement and extend the technologies employed in our
very successful high barrier flexible packaging business. The Viskase product
line brings to Bemis immediate access to important fresh meat markets and is a
natural extension of the strong position and relationships we have in the
processed meat, cheese, and poultry markets.
We are also excited about the new products that we expect will come out
of the combined technologies of Viskase and Bemis. The acquisition will advance
our capabilities to provide a broader range of products that are high on the
value-added packaging chain. We expect the strong margins this business should
generate will enable us fairly quickly to reduce the initial earnings dilution
of the acquisition.
We have been interested in the specialty film business of Viskase for
several years and are pleased to now be acquiring it. In addition to the
tremendous opportunities available to us by combining our unique technologies,
this acquisition helps expand the geographic "reach" of our flexible packaging
operations. Included in the acquisition are profitable manufacturing facilities
in Swansea, U.K. and Sao Paulo, Brazil. We expect the Brazilian plant to work
closely with ITAP/Bemis, the flexible packaging joint venture we already have in
Brazil with our partner, Dixie Toga."
Statements in this press release which are not historical are
considered "forward looking" and are subject to certain risks and uncertainties
including, but not limited to, the Company's ability to increase sales at the
acquired business, to improve operating margins, and to successfully develop and
introduce to the market new products and technologies as a result of the
acquisition. Other risks and uncertainties will be noted from time to time in
the Company's regular SEC filings.
Bemis Company is a major supplier of flexible packaging and pressure sensitive
materials used by leading food, consumer products, manufacturing, and other
companies worldwide.
