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MeadWestvaco is selling its AGI media and entertainment packaging business to US industrial holdings firm Atlas Holdings for $68m (£44m).
AGI produces packaging for DVDs, music and video games and adds to Atlas's packaging portfolio that includes CanAmPac and Forest Resources.
The deal is subject to certain closing conditions but is expected to be completed on 30 September.
"Our more than a decade of experience in the packaging industry strengthens our confidence in this acquisition and enhances our ability to realise synergies among our companies," said Timothy Fazio, managing partner of Atlas Holdings.
AGI operates under three names – AGI Media, AGI Amaray and AGI Polymatrix – and employs some 1,450 staff worldwide.
It has operations in Australia, the US, continental Europe and the UK.
Tony Garnish, president of AGI Global Media Business, said: "We are very excited about this transaction and the future of the media and entertainment business."
MWV chairman John Luke said: "We are confident that under Atlas' ownership, the media and entertainment business will continue to have a market-leading position."
Earlier this year,
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