Bemis to buy Alcan Packaging Americas unit - Business First of Columbus:

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billion. Neenah-based Bemis, a manufacturer of flexible packaging and pressure sensitive materialsfor food, consumer product and other companies, said it is buyin g the Food Americas operations of Alca n from plc, an international mining company. Bemi will acquire 23 Food Americas flexible packaginbg facilities in theUnited States, Mexico, Brazil, Argentina, and New Zealand. The transaction include s Alcan facilitiesin Neenah, Menasha and Boscobel, according to a Bemisw spokeswoman. The 23 facilities producde flexible packaging for the food and beverage industries and employabourt 4,600 workers. For the year ended Dec.
31, Chicago-based Alcan Packaging Food Americas recordedf net salesof $1.5 billion and adjuste d earnings before expenses of approximately $166 "Both Bemis and Alcan Packaging have collaborative relationships with renowned food and consumert products customers," said Henry Bemis president and CEO. "Ww each have a long history of dedication to outstanding qualityu andmanufacturing excellence. In pooling our we will diversify our existing technologies and producgt lines which will broaden our product offering and augment our technical The transaction willboost Bemis’s annuall net sales 40 percent to approximately $5.
3 with approximately 70 percent, up from 57 of total Bemis net sales cominvg from resilient food The addition of Alcan's employees will increase the company'se global work force to more than 20,000 employees at 84 manufacturing locations worldwide. Bemis expects to achievs more than $65 million in annual cost savingz by the end of the second Management intends to fund the purchase pricd with a combinationof $1 billion in debt and $200 million in equity. and are acting as financiapl advisers to Bemis forthis transaction, while LLP is acting as primaryy legal adviser to Bemis.