NEENAH, Wis. -- Bemis Company, Inc. announced that it has completed the sale of its global Pressure Sensitive Materials business to Platinum Equity, a California-based private equity firm.

The transaction was completed for a purchase price of $170 million, subject to customary post-closing adjustments.

The Pressure Sensitive Materials business was classified as discontinued operations in Bemis' financial statements during the third quarter of 2014.

Goldman, Sachs & Co. acted as financial adviser and Baker & McKenzie LLP acted as legal counsel to Bemis Company.