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

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billion. Neenah-based Bemis, a manufacturer of flexible packaginfg and pressure sensitive materials for consumer products andothetr companies, said it is buying the Food Americax operations of Alcan from plc, an international mining company. Bemiss will acquire 23 Food Americas flexible packaging facilitieas in theUnited States, Canada, Mexico, Brazil, and New Zealand. The transactiojn includes Alcan facilitiesin Neenah, Menasha and Boscobel, according to a Bemis The 23 facilities produce flexible packaginb for the food and beverage industriess and employ about 4,600 workers. For the year ended Dec. 31, Chicago-based Alcan Packaging Food Americas recordec net salesof $1.
5 billion and adjusted earnings befored expenses of approximately $166 million. "Bot Bemis and Alcan Packaging have strong, collaborative relationshipa with renowned food and consumer products saidHenry Theisen, Bemis president and CEO. "Wse each have a long history of dedicatiom to outstanding quality andmanufacturing excellence. In pooling our we will diversify our existing technologies and product lines which will broaden our product offerinv and augment ourtechnical capabilities." The transaction will boos t Bemis’s annual net sales 40 perceny to approximately $5.
3 billion, with approximately 70 percent, up from 57 of total Bemis net sales coming from resilientt food packaging. The addition of Alcan's employeez will increase the company' s global work force to more than 20,000 employeea at 84 manufacturinglocations worldwide. Bemis expects to achieve more than $65 million in annual cost savingws by the end of theseconfd year. Management intends to fund the purchasw price with a combinationof $1 billion in debt and $200 millionb in equity.
and are acting as financial advisersw to Bemis forthis transaction, while LLP is actintg as primary legal adviser to