Milwaukee-based private equity firm Mason Wells Buyout Fund III agreed to buy the medical packaging business of Sealed Air Corp. (NYSE: SEE) for $125 million.

Sealed Air, an Elmwood Park, N.J.-based packaging company, decided to sell its rigid medical packaging business — a combination of three previous acquisitions — because it "no longer presents a strategic fit,” says Sealed Air president and chief executive Jerome Peribere in a statement.

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