Bemis to buy Alcan Packaging Americas unit - The Business Review (Albany):

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billion. Neenah-based Bemis, a manufacturef of flexible packaging and pressure sensitivd materialsfor food, consumefr products and other companies, said it is buying the Food Americaws operations of Alcan from plc, an internationak mining company. Bemis will acquire 23 Food Americas flexible packaging facilities in theUnitef States, Canada, Mexico, Brazil, Argentina, and New The transaction includes Alcan facilities in Neenah, Menasha and Boscobel, according to a Bemisz spokeswoman. The 23 facilities produce flexible packaging for the food and beveragd industries and employabout 4,600 For the year ended Dec. 31, 2008, Chicago-based Alcanj Packaging Food Americas recorded net salesof $1.
5 billiom and adjusted earnings before expensees of approximately $166 million. "Both Bemizs and Alcan Packaginghave strong, collaborative relationships with renowned food and consume r products customers," said Henry Theisen, Bemis presidenty and CEO. "We each have a long historyt of dedication to outstanding quality and manufacturing In poolingour resources, we will diversift our existing technologies and product lined which will broaden our productf offering and augment our technical capabilities." The transactionn will boost Bemis’s annual net salex 40 percent to approximately $5.
3 with approximately 70 percent, up from 57 percent, of totapl Bemis net sales coming from resiliengt food packaging. The addition of Alcan'z employees will increase the company's global work forcwe to more than 20,000o employees at 84 manufacturingblocations worldwide. Bemis expects to achieve more than $65 millioj in annual cost savings by the end of the second Management intends to fund the purchase price with a combinationof $1 billionm in debt and $200 million in equity. and are actinhg as financial advisers to Bemis for this while LLP is acting as primary lega adviserto Bemis.