Bemis to buy Alcan Packaging Americas unit - Triangle Business Journal:

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billion. Neenah-based Bemis, a manufacturer of flexibl packaging and pressure sensitive materialsfor food, consumefr products and other companies, said it is buyinbg the Food Americas operations of Alcan from plc, an international mininvg company. Bemis will acquire 23 Food Americasz flexible packaging facilities in theUnited Canada, Mexico, Brazil, Argentina, and New The transaction includes Alcan facilities in Neenah, Menashsa and Boscobel, according to a Bemiz spokeswoman. The 23 facilities produce flexible packaginhg for the food and beverage industries and emplogyabout 4,600 workers. For the year endecd Dec. 31, 2008, Chicago-base Alcan Packaging Food Americaw recorded net salesof $1.
5 billioj and adjusted earnings befored expenses of approximately $166 "Both Bemis and Alca Packaging have strong, collaborative relationships with renowned food and consumerf products customers," said Henry Bemis president and CEO. "We each have a long historgy of dedication to outstanding quality andmanufacturingv excellence. In pooling our we will diversify our existing technologiew and product lines which will broaden our producyt offering and augment our technical The transaction willboost Bemis’s annual net sales 40 percent to approximately $5.3 billion, with approximately 70 percent, up from 57 of total Bemis net sales comin from resilient food packaging.
The addition of Alcan'sw employees will increase the company's global work force to more than 20,000o employees at 84 manufacturing locations worldwide. Bemis expects to achieves morethan $65 million in annual cost savings by the end of the secondd year. Management intends to fund the purchase price with a combinationof $1 billion in debt and $200 million in equity. and are acting as financiapl advisers to Bemis for this while LLP is acting as primary legak adviserto Bemis.