Clysar Division of Bemis Purchased by Cove Point
NEW YORK, NY—May 29, 2013—Privately held Cove Point Holdings has announced that its affiliate purchased the Clysar division of Bemis Company. Clysar is one of the nation’s leading manufacturers of premium polyolefin shrink films used to wrap food and consumer goods. The terms of the agreement between Cove Point and Bemis were not disclosed.
Reflecting the strong brand value of the Clysar shrink film business developed over its 50-year history, the company has been renamed Clysar. Now a stand-alone and independent company, Clysar will move its headquarters from Oshkosh, WI, to Clinton, IA, where its extrusion and converting campus is located. “Our capable, dedicated Clinton workforce has played a pivotal role in our first half-century of growth,” expressed William Hare, general manager of Clysar. “This is an opportunity for Clysar to centralize our leadership, technology, development and manufacturing to make us an even stronger force in the shrink film market.”
The acquisition is expected to have a highly favorable impact on the Clysar business. “Our philosophy is to acquire stable, American-based companies with excellent growth potential, and then invest in value-creation strategies that help them flourish,” said William C. Morris, owner of Cove Point. “Clysar fits our profile perfectly with its heartland location, sophisticated technology, robust product portfolio, exceptional distribution network and strong market position. We’re excited about Clysar’s bright possibilities as part of our family of companies.”
Clysar management enthusiastically supports the new ownership. “Mr. William Morris and Cove Point have an excellent record of investing in businesses like ours, with highly successful long-term outcomes,” said Hare. “They are flexible, nimble and eager to leverage our competencies in the shrink film business, which will help Clysar further support our customers’ needs.”
Celebrating its 50th anniversary in 2013, Clysar was started by DuPont and purchased by Bemis in 2002. Clysar films are sold through two-step distribution and are used strictly in non-barrier applications. The divestiture allows Bemis to focus on its direct sales model and value-added flexible packaging businesses.
About Clysar
Established in 1963, Clysar manufactures high-performance polyolefin films for a wide variety of packaging applications including meat, poultry, produce, bakery, pizza, office supplies, hardware and consumer products. Today, the Clysar product line of industry-leading films includes LTC Lowest Total Cost thin films; ShrinkBox corrugate-replacement films; and Trayloc tray overwrap. The company has over 300 employees in Clinton, IA, and Oshkosh, WI.
About Cove Point Holdings
Cove Point Holdings is a private company wholly owned by its Chairman, William C. Morris. The primary activity of Cove Point is to own, operate and grow manufacturing businesses in the United States. Cove Point and its owner have multiple decades of experience and success in this work. The New York, NY-based firm’s private ownership and long-term investment history support long-term value-creation strategies.
About Bemis Company
Bemis Company is a major supplier of packaging and pressure sensitive materials used by leading food, consumer products, healthcare and other companies worldwide. Founded in 1858, Bemis Company is included in the S&P 500 index of stocks and reported 2012 net sales of $5.1 billion. Bemis has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing and converting. Headquartered in Neenah, WI, Bemis employs approximately 20,000 individuals worldwide.
Source: Clysar.
