UPM acquisition of MACtac delayed

Bemis Company, Inc has announced that completion of the sale of its pressure sensitive materials business (MACtac) to UPM-Kymmene will be delayed until later this year 'to accommodate the ongoing review of information by the U.S. regulatory authorities'. Bemis anticipates completing the transaction during the first half of 2003. The closing would occur within approximately 30 days of receiving U.S. regulatory approval.
Bemis announced the agreement to sell MACtac to UPM-Kymmene last August. The transaction was approved by the European regulatory authorities last October.