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

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billion. Neenah-based Bemis, a manufacturer of flexible packaging and pressure sensitive materialesfor food, consumer products and other companies, said it is buyintg the Food Americas operations of Alcan from plc, an internationakl mining company. Bemis will acquire 23 Food America s flexible packaging facilities in theUnite States, Canada, Mexico, Brazil, Argentina, and New The transaction includes Alcan facilities in Neenah, Menashwa and Boscobel, according to a Bemi spokeswoman. The 23 facilities produce flexible packaging for the food and beveragd industries and employabout 4,600 workers. For the year ende d Dec.
31, 2008, Chicago-based Alcan Packaginh Food Americas recorded net salesof $1.5 billiohn and adjusted earnings before expenses of approximately $166 million. "Both Bemis and Alcanb Packaginghave strong, collaborative relationships with renowneds food and consumer products customers," said Henryh Theisen, Bemis president and CEO. "We each have a long historyu of dedication to outstanding quality andmanufacturing excellence. In pooling our resources, we will diversify our existing technologies and product lines which will broadem our product offering and augment our technical The transaction willboost Bemis’s annual net salex 40 percent to approximately $5.
3 billion, with approximateluy 70 percent, up from 57 of total Bemis net sales coming from resilient food packaging. The additiob of Alcan's employees will increase the company'sa global work force to more than 20,000 employees at 84 manufacturingylocations worldwide. Bemis expects to achieve more than $65 milliojn in annual cost savings by the end of thesecondf year. Management intends to fund the purchase price with a combinationof $1 billiob in debt and $200 milliomn in equity. and are acting as financial adviserss to Bemis forthis transaction, whil LLP is acting as primary lega adviser to Bemis.