Amcor offers US$2bn for Alcan Packaging businesses
Amcor is to acquire parts of Alcan Packaging for US$2.03bn (Euro 1.4bn) from Rio Tinto to become a leading supplier of pharmaceutical packaging.
Amcor is to acquire parts of Alcan Packaging for US$2.03bn (Euro 1.4bn) from Rio Tinto to become a leading supplier of pharmaceutical packaging.
The Australian group, headquartered in Melbourne, has ended months of speculation and will buy Alcan Packaging Global Pharmaceuticals, Alcan Packaging Food Europe, Alcan Packaging Food Asia and Alcan Packaging Global Tobacco. Alcan's beauty product packaging assets are not part of the sale.
The acquisition will add approximately US$4bn in sales and 14,000 employees across 80 plants in 28 countries to Amcor's operations.
Amcor already has AU$9.53bn (US$7.9bn; â"šÂ¬5.6bn) in sales and operations in 34 countries, from 226 sites worldwide employing 21,000 people.
Alcan Packaging is a world leader in specialist packaging using plastics, engineered film, aluminium, paper, paperboard and glass. Its headquarters are in Paris, France.
Amcor said the deal supports its objective of growing its flexible packaging and folding cartons packaging business and "reaffirms its commitment" to the packaging industry.
Amcor managing director and chief executive Ken MacKenzie said: "We believe this acquisition will bring customers of both Amcor and Alcan Packaging even greater value through broader offerings and enhanced customer service.
"Critically, beyond the hard assets, the combined company will draw on the best people from both organisations to drive these improvements. While these are difficult economic times globally, Amcor is in a solid financial position."
The acquisition is subject to regulatory approvals in Europe and the US. It will not be finalised for several months.
