ELMWOOD PARK, N.J. (AP) -- Sealed Air, which makes Bubble Wrap and other types of packaging, is selling a medical packaging business to a private equity firm for $125 million.
Sealed Air President and CEO Jerome Peribere said in a statement Wednesday that the business "no longer presents a strategic fit for us." He added that the company will still make packaging products for the medical and pharmaceutical industry.
The buyer is Milwaukee-based private equity firm Mason Wells. The sale is expected to close in the fourth quarter.
The company expects earnings, excluding one-time items, of $1.25 to $1.30 per share for the year. About 4 cents of that profit came from the medical packaging division being sold. Sealed Air said that it will give more details on the sale's impact to its business when it releases fourth-quarter results on Feb. 6.
Shares of Elmwood Park, N.J.-based Sealed Air Corp. shed 31 cents, or 1 percent, to $30.59 in afternoon trading. Shares have gained 56 percent this year.
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