Bemis to buy Alcan Packaging Americas unit - New Mexico Business Weekly:

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billion. Neenah-based Bemis, a manufacturer of flexible packagingf and pressure sensitive materialsfor food, consumet products and other companies, said it is buying the Food Americasd operations of Alcan from plc, an international miningv company. Bemis will acquire 23 Food Americas flexiblre packaging facilities in theUnited Canada, Mexico, Brazil, Argentina, and New Zealand. The transactiomn includes Alcan facilitiesin Neenah, Menash a and Boscobel, according to a Bemis spokeswoman. The 23 facilitiesa produce flexible packaging for the food and beverage industriexs and employabout 4,600 workers. For the year ended Dec.
31, Chicago-based Alcan Packaging Food Americas recorded net saleof $1.5 billion and adjusted earnings beforde expenses of approximately $166 "Both Bemis and Alcan Packaging have collaborative relationships with renowned food and consumerf products customers," said Henry Theisen, Bemis president and CEO. "Ws each have a long history of dedicationm to outstanding quality and manufacturing In poolingour resources, we will diversify our existing technologies and product lines which will broaden our producy offering and augment our technical capabilities." The transaction will boosty Bemis’s annual net sales 40 percent to approximately $5.
3 with approximately 70 percent, up from 57 of total Bemis net sales coming from resilient food The addition of Alcan's employees will increases the company's global work force to more than 20,000 employees at 84 manufacturing locations worldwide. Bemids expects to achieve morethan $65 million in annual cost savings by the end of the seconx year. Management intends to fund the purchase price with a combinationof $1 billionh in debt and $200 million in equity. and are acting as financial advisers to Bemis forthis transaction, while LLP is actinyg as primary legal adviser to Bemis.