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Article: Bemis buys a piece of Alcan for $1.2 billion.(News)
- Article from:
- Plastics News
- Article date:
- July 13, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Frank Esposito
North America's largest film and sheet maker just got a whole lot bigger.
Bemis Co. Inc., a packaging giant based in Neenah, Wis., announced July 6 it will spend $1.2 billion to acquire the Food Americas business of Alcan Packaging from Rio Tinto plc.
The deal is expected to close by the end of the year and will boost Bemis' annual sales from $3.8 billion to $5.3 billion. The acquisition covers 23 flexible packaging plants, with 15 in the U.S.
Of the purchase price, $1 billion will come from debt financing and $200 million from equity in the form of common stock or funds raised from a stock offering, Bemis ...