Amcor announced today that the acquisition of the Alcan Packaging businesses is complete. The acquisition provides Amcor with leading global positions in the nominated strategic growth markets for flexible packaging and folding carton packaging for tobacco.
The purchase consideration was $1,948 million, based on earnings for the year ended Dec. 31, 2009 of US$383 million (excluding the Medical Flexible operations in the U.S.). Earnings for the Alcan Packaging businesses acquired increased in the second half of the 2009 calendar year, the company says, predominately due to improved economic conditions and benefits from prior period restructuring.
Says Amcor's managing director and CEO, Mr Ken MacKenzie, "We are delighted to finalize the acquisition of the Alcan Packaging assets and have their talented team join Amcor. From a strategic perspective, the businesses we have acquired are strongly aligned with our nominated growth segments, and provide the ability to substantially improve the value proposition for our customers.
"We are now focused on ensuring seamless integration of these businesses and on achieving the synergies and opportunities offered by this acquisition."