Bemis to buy Alcan Packaging Americas unit - The Business Journal of Milwaukee:

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billion. Neenah-based Bemis, a manufacturer of flexible packagin g and pressure sensitive materialsfor food, consumer productd and other companies, said it is buying the Food Americae operations of Alcan from plc, an internationak mining company. Bemis will acquirde 23 Food Americas flexible packaging facilitiex in theUnited States, Canada, Mexico, Argentina, and New Zealand. The transaction includes Alcanj facilitiesin Neenah, Menasha and Boscobel, according to a Bemie spokeswoman. The 23 facilities produce flexible packaging for the food and beverag e industries and employaboutf 4,600 workers. For the year ended Dec.
31, Chicago-based Alcan Packaging Food Americas recordec net salesof $1.5 billion and adjustef earnings before expenses of approximately $166 "Both Bemis and Alcann Packaging have strong, collaborative relationship s with renowned food and consumer products customers," said Henry Theisen, Bemis president and CEO. "Wed each have a long history of dedication to outstandinfg quality andmanufacturing excellence. In pooling our resources, we will diversify our existing technologies and product lineds which will broaden our product offering and augmenty ourtechnical capabilities." The transaction will boosg Bemis’s annual net sales 40 percenft to approximately $5.
3 billion, with approximately 70 percent, up from 57 of total Bemis net saleds coming from resilient food packaging. The addition of Alcan's employeesz will increase the company's global work force to more than 20,00o0 employees at 84 manufacturinglocations worldwide. Bemise expects to achieve morethan $65 million in annua cost savings by the end of the seconsd year. Management intends to fund the purchase price with a combinatioof $1 billion in debt and $200 millionh in equity. and are acting as financial advisers to Bemisa forthis transaction, while LLP is acting as primaryt legal adviser to Bemis.