Multi Packaging Solutions International (MPS) has signed a letter of intent (LOI) to acquire the business of Paris Art Label Company.
US-based Paris Art is engaged in the manufacturing of labels and shrink sleeve products.
MPS said that the acquisition is a part of its strategy to expand its capability and presence in the label sector globally.
MPS CEO Marc Shore said: “We look forward to the Paris Art team joining the MPS family as we finalize our diligence steps and embark on the integration process.
“Acquiring Paris Art is a significant step in enhancing our offering to our customers and achieving our strategic goals.”
The LOI is subject to the completion of diligence steps and Board of Directors’ approval. It is expected to be completed within this month.
Paris Art president and owner Ron Tarantino said: “MPS is committed to investing additional capital to continue to support the operation. Additionally, I am pleased to say that I, and the Paris Art management team, will be staying on with the new entity going forward.”
In January this year, MPS announced that it would be acquired by WestRock Company for an enterprise value of $2.28bn.
Subject to necessary regulatory approvals and other customary closing conditions, the deal is planned to be completed by the third quarter of the current fiscal year.