STREETSBORO — Automated Packaging Systems Inc. is being sold to the makers of Bubble Wrap.
Sealed Air Corp. of Charlotte, N.C., announced a deal Wednesday to buy the Streetsboro-based company for $510 million in cash.
APS, which was founded in 1962 and has headquarters in Streetsboro, makes automated bagging systems. Sealed Air's brands include Cryovac food packaging and Bubble Wrap.
APS employs more than 1,200 people and operates seven manufacturing sites in the United States and United Kingdom. Last year, the company had $290 million in sales, an increase of about 10% year-over-year.
Sealed Air had $4.7 billion in sales in 2018 and has about 15,500 employees.
“Automated Packaging Systems is a market leader with unique and innovative solutions, complete with automated equipment, materials and services,” Sealed Air President Ted Doheny said in a prepared statement. “The addition of APS is well aligned with our Reinvent SEE goal of doubling our innovation rate over the next five years. This transaction expands the breadth of our automated solutions and sustainable packaging offerings, giving us access to growth opportunities in the markets we serve.”
“We look forward to working with the talented employees of APS," he added. "Their culture of operational excellence, creative collaboration and innovation built over 57 years is recognized and shared by Sealed Air. We are confident that the APS business will thrive as part of our platform, given our global reach, distribution network and supply chain operations.”