RMS Packaging Inc. (“RMS Packaging”) has signed a definitive agreement to acquire the special effects films business - marketed under the trade name Aurora® - from BASF Corporation (“BASF”) today. BASF is a leading North American manufacturer of multi-layered iridescent films with its history and microlayer technology dating back to Mearl Corporation, which was acquired by Engelhard Corporation in 1996 and by BASF in 2006. The Aurora film products are used in specialty consumer packaging, labeling, decorative textile and glitter applications. The Aurora portfolio includes well-known brands such as Black Magic™, Garden Series™, ShimmerSilk™ and Gemtallic™. The Aurora specialty films are produced from BASF’s facility in Peekskill, New York, and Aurora is positioned as a leading line of premium, high-quality iridescent films for consumer packaging and labeling applications.
McGladrey Capital Markets LLC initiated the transaction, sourced the buyer, led the negotiations, and acted as the exclusive financial advisor to BASF.
“RMS Packaging is backed by a highly capable investor group with experience in both the film and packaging industries,” said Jay Kuo, vice president at McGladrey Capital Markets’ Chemical Group. “The divestiture of Aurora will allow BASF to redirect resources to focus on its core chemical manufacturing businesses, while allowing RMS Packaging the opportunity to continue the legacy that Mearl, Engelhard and subsequently BASF have built over decades of producing top quality films for iridescent film industry. This transaction will also allow RMS Packaging to pursue full commercialization of several promising new products, such as ShimmerSilk™ shrinkable iridescent film, for high-end textile applications and a biodegradable iridescent film,” Kuo added.
Sheldon Rosenberg, President and CEO at RMS Packaging, commented, “We are excited to have this opportunity to build a leading iridescent film business with roots from premier chemical manufacturers such as BASF and Engelhard. Our immediate goal is to invest in the Aurora brand and intensify marketing and product development efforts to pursue being a global leader in specialty films. We are committed to investing both the financial and human capital resources necessary to achieve long-term success in the specialty film industry, and look forward to working with our customers to offer new innovations and grow our businesses together.”
About RMS Packaging
RMS Packaging is a newly formed company dedicated to investing in and serving the specialty films industry. With its first platform acquisition of BASF’s Aurora Iridescent Films Business, the company seeks to be a leading high-quality supplier of specialty iridescent films on a global basis. RMS Packaging is founded by the Rosenberg family and its partners contribute a broad range of management and operational experience from various subsectors within the plastic films industry.
About BASF
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 15,000 employees in North America, and had sales of approximately $17.5 billion in 2008. For more information about BASF’s North American operations, or to sign up to receive news releases by e-mail, visit www.basf.com/usa.
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals, as well as oil and gas. As a reliable partner, BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges, such as climate protection, energy efficiency, nutrition and mobility. BASF has approximately 97,000 employees and posted sales of more than €62 billion in 2008. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
McGladrey Capital Markets LLC initiated the transaction, sourced the buyer, led the negotiations, and acted as the exclusive financial advisor to BASF.
“RMS Packaging is backed by a highly capable investor group with experience in both the film and packaging industries,” said Jay Kuo, vice president at McGladrey Capital Markets’ Chemical Group. “The divestiture of Aurora will allow BASF to redirect resources to focus on its core chemical manufacturing businesses, while allowing RMS Packaging the opportunity to continue the legacy that Mearl, Engelhard and subsequently BASF have built over decades of producing top quality films for iridescent film industry. This transaction will also allow RMS Packaging to pursue full commercialization of several promising new products, such as ShimmerSilk™ shrinkable iridescent film, for high-end textile applications and a biodegradable iridescent film,” Kuo added.
Sheldon Rosenberg, President and CEO at RMS Packaging, commented, “We are excited to have this opportunity to build a leading iridescent film business with roots from premier chemical manufacturers such as BASF and Engelhard. Our immediate goal is to invest in the Aurora brand and intensify marketing and product development efforts to pursue being a global leader in specialty films. We are committed to investing both the financial and human capital resources necessary to achieve long-term success in the specialty film industry, and look forward to working with our customers to offer new innovations and grow our businesses together.”
About RMS Packaging
RMS Packaging is a newly formed company dedicated to investing in and serving the specialty films industry. With its first platform acquisition of BASF’s Aurora Iridescent Films Business, the company seeks to be a leading high-quality supplier of specialty iridescent films on a global basis. RMS Packaging is founded by the Rosenberg family and its partners contribute a broad range of management and operational experience from various subsectors within the plastic films industry.
About BASF
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 15,000 employees in North America, and had sales of approximately $17.5 billion in 2008. For more information about BASF’s North American operations, or to sign up to receive news releases by e-mail, visit www.basf.com/usa.
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals, as well as oil and gas. As a reliable partner, BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges, such as climate protection, energy efficiency, nutrition and mobility. BASF has approximately 97,000 employees and posted sales of more than €62 billion in 2008. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
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