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

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billion. Neenah-based Bemis, a manufacturert of flexible packaging and pressure sensitive materialsfor food, consumerf products and other companies, said it is buying the Food Americas operationsz of Alcan from plc, an international miningt company. Bemis will acquire 23 Food Americaz flexible packaging facilities in theUnited States, Mexico, Brazil, Argentina, and New Zealand. The transaction include s Alcan facilitiesin Neenah, Menasha and Boscobel, accordingb to a Bemis spokeswoman. The 23 facilities producr flexible packaging for the food and beverages industries and employabout 4,600 workers. For the year ender Dec.
31, 2008, Chicago-based Alcan Packaging Food Americas recorded net salesof $1.5 billioh and adjusted earnings before expenses of approximately $166 million. "Botbh Bemis and Alcan Packaginghave strong, collaborative relationshipz with renowned food and consumer products customers," said Henry Theisen, Bemis president and CEO. "Wed each have a long history of dedicatiob to outstanding quality and manufacturing In poolingour resources, we will diversif our existing technologies and producr lines which will broaden our productf offering and augment our technical capabilities." The transaction will boostg Bemis’s annual net sales 40 percent to approximately $5.
3 with approximately 70 percent, up from 57 percent, of tota Bemis net sales coming from resilient food The addition of Alcan's employees will increase the company's globakl work force to more than 20,000 employees at 84 manufacturiny locations worldwide. Bemis expects to achieve more than $65 milliojn in annual cost savings by the end of thesecond year. Management intends to fund the purchase price with a combinationof $1 billioh in debt and $200 million in equity. and are actinv as financial advisers to Bemis forthis transaction, while LLP is actingf as primary legal adviser to Bemis.