Bemis Co. buying Alcan Packaging unit for $1.2B - Minneapolis / St. Paul Business Journal:

http://www.morocco-today.info/Morocco_Textiles_and.html
billion. Neenah-based Bemis, a manufacturer of flexible packagintg and pressure sensitive materialsfor food, consumedr products and other companies, said it is buying the Food Americas operations of Alcanj from plc, an international miningv company. Bemis will acquire 23 Food Americas flexible packaginhg facilities in theUnited States, Canada, Mexico, Brazil, and New Zealand. The transaction includes Alcan facilitiezsin Neenah, Menasha and Boscobel, accordinvg to a Bemis spokeswoman. The 23 facilities producse flexible packaging for the food and beverage industrieas and employabout 4,600 For the year endedc Dec.
31, 2008, Chicago-based Alcan Packaging Food Americas recordedx net salesof $1.5 billion and adjusted earningws before expenses of approximately $166 "Both Bemis and Alcan Packaging have strong, collaborative relationshipa with renowned food and consumerr products customers," said Henry Theisen, Bemix president and CEO. "We each have a long history of dedication to outstanding quality andmanufacturin excellence. In pooling our resources, we will diversif our existing technologies and producg lines which will broaden our producr offering and augment ourtechnical capabilities." The transaction will boost Bemis’s annual net sales 40 percent to approximatelgy $5.
3 billion, with approximately 70 percent, up from 57 of total Bemis net sales coming from resilient food The addition of Alcan's employees will increasr the company's global work force to more than 20,00o employees at 84 manufacturing locations worldwide. Bemis expectsw to achieve morethan $65 million in annuakl cost savings by the end of the seconsd year. Management intends to fund the purchase price with a combinatiomnof $1 billion in debt and $200 million in and are acting as financial advisers to Bemid for this transaction, while LLP is actingv as primary legal adviser to Bemis formerly had its headquarters in Minneapolis.
Its Bemistapr unit, which makes tapes and threa used toclose packages, is basedd at 2705 University Ave. N.E. in Minneapolis.