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Acquisition
12 Months Ended
Dec. 31, 2017
Business Acquisition [Abstract]  
Business Combinations Disclosure Text Block
ACQUISITIONS

Evadix
    
On November 8, 2017, the Company acquired Romanian-based flexible packaging company Evadix.  This small, yet strategic acquisition establishes the Company with its first manufacturing operation in Eastern Europe.  The acquired facility provides a strong converting platform to leverage the Company's expertise and capabilities in film-making from Western Europe to grow sales of meat and cheese packaging throughout Europe.  The cash purchase price was $3.9 million. The preliminary allocation of the purchase price resulted in approximately $0.1 million of goodwill for the Rest of World Packaging segment. The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:

(in millions, except useful life)
 
Fair Value
 
Weighted Average Useful Life
Customer relationships
 
$
0.5

 
5 years


The fair value of assets and liabilities acquired was $8.4 million and $4.5 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.

SteriPack
On April 29, 2016, the Company acquired the medical device packaging operations and related value-added services of SteriPack Group, a global manufacturer of sterile packaging solutions for medical device and pharmaceutical applications. This acquisition includes a facility in Ireland as well as packaging production assets in Malaysia and the United States. The cash purchase price was $115.5 million. The allocation of the purchase price resulted in approximately $66.8 million of goodwill for the Rest of World Packaging segment, the majority of which is not expected to be tax deductible. The goodwill identified by this acquisition reflects the benefits expected to be derived from product line expansion. The fair value and weighted average useful lives that have been assigned to the acquired identifiable intangible assets of this acquisition are:
(in millions, except useful life)

Fair Value

Weighted Average Useful Life
Customer relationships

$
21.8


8 years
Order backlog

1.7


2 months
Total

$
23.5





The fair value of assets and liabilities acquired was $131.3 million and $15.8 million, respectively. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.
    
Emplal Participações S.A.

On December 1, 2015, Bemis acquired the rigid plastic packaging operations of Emplal Participações S.A. ("Emplal"), a privately-owned Brazilian manufacturer of plastic packaging for food and consumer applications. The acquisition supports the Company's growth strategy to expand in markets that fit the Company's strengths and capabilities. The cash purchase price was $66.0 million. The allocation of the purchase price resulted in approximately $41.3 million of goodwill for the Global Packaging segment, which is expected to be tax deductible. The fair value and weighted average useful life that has been assigned to the acquired identifiable intangible asset of this acquisition is:

(in millions, except useful life)
 
Fair Value
 
Weighted Average Useful Life
Customer relationships
 
$
4.5

 
10 years


The fair value of assets and liabilities acquired was $143.8 million and $77.8 million, respectively. Deferred charges and other assets include an amount of approximately $16.9 million to record assets related to the indemnity provisions of the sale and purchase agreement, and are primarily related to tax matters. Pro forma financial information and allocation of the purchase price are not presented as the effects of this acquisition are not material to the Company's results of operations or financial position.