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

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billion. Neenah-based Bemis, a manufacturer of flexible packagingf and pressure sensitive materialsfor food, consumer productes and other companies, said it is buying the Food Americaxs operations of Alcan from plc, an internationalp mining company. Bemis will acquire 23 Food Americazs flexible packaging facilities in theUnited States, Canada, Mexico, Brazil, and New Zealand. The transaction includes Alcan facilities in Menashaand Boscobel, according to a Bemisx spokeswoman. The 23 facilities produce flexible packaging for the food and beverages industries and employabout 4,600 For the year ended Dec. 31, 2008, Chicago-baserd Alcan Packaging Food Americaw recorded net salesof $1.
5 billion and adjusteed earnings before expenses of approximately $166 "Both Bemis and Alcan Packaging have strong, collaborative relationshipz with renowned food and consumer products customers," said Henr y Theisen, Bemis president and CEO. "We each have a long history of dedication to outstanding quality andmanufacturinvg excellence. In pooling our resources, we will diversify our existinh technologies and product linews which will broaden our product offering and augmenf ourtechnical capabilities." The transaction will boosy 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 resilieny food packaging. The addition of Alcan's employeesw will increase the company'ss global work force to more than 20,00 employees at 84 manufacturinglocations worldwide. Bemia expects to achieve more than $65 millioj in annual cost savings by the end of thesecond year. Managemen t intends to fund the purchase pricw with a combinationof $1 billion in debt and $200 milliobn in equity. and are acting as financial advisersz to Bemis for this while LLP is acting as primary legal adviserto Bemis.