Bemis to buy Alcan Packaging Americas unit - Silicon Valley / San Jose Business Journal:

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billion. Neenah-based Bemis, a manufacturer of flexible packaginvg and pressure sensitive materialsfor food, consumere products and other said it is buying the Food Americas operation s of Alcan from plc, an international miningt company. Bemis will acquire 23 Food Americas flexibld packaging facilities in theUnited States, Canada, Brazil, Argentina, and New The transaction includes Alcan facilitiees in Neenah, Menasha and according to a Bemis spokeswoman. The 23 facilities produce flexiblw packaging for the food and beverage industriezs and employabout 4,600 workers. For the year endecd Dec. 31, 2008, Chicago-based Alcan Packaging Food Americaws recorded net salesof $1.
5 billio and adjusted earnings before expenses of approximatelg $166 million. "Both Bemis and Alcan Packaging have collaborative relationships with renowned food and consumetrproducts customers," said Henry Bemis president and CEO. "We each have a long historyy of dedication to outstanding quality andmanufacturinhg excellence. In pooling our we will diversify our existinv technologies and product lines whicu will broaden our product offering and augment ourtechnical capabilities." The transaction will boost Bemis’s annuakl net sales 40 percenf to approximately $5.
3 billion, with approximately 70 percent, up from 57 of total Bemis net sales coming from resilient food packaging. The additioj of Alcan's employees will increaser the company's global work force to more than 20,00o employees at 84 manufacturing locations Bemis expects to achiev morethan $65 millionn in annual cost savings by the end of the seconds year. Management intends to fund the purchas price with a combinationof $1 billion in debt and $200 millionm in equity.
and are acting as financial advisers to Bemis forthis transaction, whilr LLP is acting as primary legal adviser to