In order to resolve these concerns, Amcor has now entered into a binding agreement with Tekni-Plex, Inc (Tekni-Plex), for the sale of Amcor plants in Milwaukee, WI, Ashland, MA, and part of the Madison, WI plant, for cash consideration of $215 million. Combined, these operations generate annual sales revenue from the sale of flexible packaging for certain healthcare packaging products of approximately $100 million.
The sale of these operations to Tekni-Plex remains subject to approval and consent (including approval by the DOJ of Tekni-Plex as the buyer), and filing of a final judgement by the DOJ. Once this occurs, all antitrust clearances which are conditional to closing will have been completed. As previously announced, completion of the transaction is expected on May 15, 2019.