September 8, 2016 Updated 9/8/2016
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Pregis LLC is buying 3M Co.’s temporary protective films business.
For 3M, the sale is a chance to focus on other business units, including tapes.
For Pregis, the purchase is a chance to add a $ 50 million operation described as strategic. Pregis, prior to the sale, already was in the protective films business through its Surface Guard brand.
“Purchasing 3M’s temporary protective films business allows us to accelerate our growth and bring the flexibility and high service levels of the Surface Guard protective films to a well-established customer base,” Pregis CEO Kevin Baudhuin said in a statement.
“Growth within the protective films category is very strategic to Pregis,” he continued.
The deal includes about 90 workers who work in the business in Conover, N.C., as well as field-based workers, the companies said.
The transaction is expected to close later this year.
The acquired business provides adhesive-backed temporary protective films for what is described as a “broad range of industries, including automotive, appliance, metalworking, building and construction.”
“After completing an in-depth strategic portfolio review, we decided to exit this business and focus on investing in our core adhesives, sealants, and tapes businesses,” Ty Silberhorn, vice president and general manager of the 3M Industrial Adhesives and Tapes Division.
Pregis, based in Deerfield, Ill., provides a variety of protective packaging, including inflatable systems that produce air-filled pillows and cushions from plastic film. Other protective products include bubble packaging, foam-in-bag, sheet foam, engineered foam, and mailers.
A spokeswoman for St. Paul, Minn.-based 3M said terms of the deal were not disclosed.
