The company will sell the division for over 12m, with approval of the sale subject to an extraordinary general meeting on 20 January.
Converted products specialises in coating film and paper with either adhesive or silicon. The division has been struggling, with operating profit at 200,000, compared to 900,000 in 2003. The arm also suffered a 4.6% slump in sales to 32.6m.
"The sale of converted products represents another significant step towards refocusing the group on its core foils and laminates activity," said API chief executive David Walton.
In December API completed the sale of its loss-making metallised paper business.
API to sell wing as it switches strategy focus
Packaging group API is to sell its converted products division as it shifts its strategy towards the foil and laminate sectors.
