The pressure on packaging giant Bemis Co. to sell itself is growing both internally and externally, The Post has learned.
Bemis, the largest US maker of flexible plastic food packaging — like bottles for Pepsi and tubes for Colgate — has hired Goldman Sachs to explore its options, two sources close to the situation said.
The 159-year-old Neenah, Wisc., manufacturer, whose profits and revenues have slipped in recent years, is likely to draw plenty of interest from rivals should it decide to put itself on the bloc, sources said.
In fact, British-based DS Smith, a maker of corrugated packaging, is working with Citigroup and is interested in pursuing the $4.2 billion market cap Bemis, a source close to the situation said.
There were reports in September that Zurich-based Amcor Ltd., the world’s largest maker of flexible plastic packaging, was working on an offer for Bemis as it looks to expand it US operations.
Amcor is working with investment bank UBS, a source said.
Bemis this summer told shareholders it would need to sell itself in 12 months if it could not execute a turnaround, an industry source said.