Streetsboro-based Automated Packaging Systems Inc. is being acquired by Sealed Air Corp. for $510 million on a cash and debt-free basis as the Charlotte-based company looks to double its innovation rate.

“Automated Packaging Systems is a market leader with unique and innovative solutions, complete with automated equipment, materials and services,” Sealed Air President and CEO Ted Doheny said in a statement. “The addition of APS is well aligned with our Reinvent SEE goal of doubling our innovation rate over the next five years. This transaction expands the breadth of our automated solutions and sustainable packaging offerings, giving us access to growth opportunities in the markets we serve.”

APS employs more than 1,200 people, serves customers in more than 60 countries and operates seven manufacturing sites in the U.S. and U.K. In 2018, APS generated $290 million in sales, an increase of approximately 10 percent year-over-year.

The deal is expected to accelerate innovation and give Sealed Air a robust patent portfolio.

The company also will benefit from cross-selling opportunities enabling additional growth in key markets as well as cost synergies via supply chain efficiencies.

The transaction is expected to close early in the third quarter.

Goldman Sachs & Co. LLC served as exclusive financial adviser and K&L Gates LLP acted as legal adviser to Sealed Air.