Amcor bids to build new packaging giant

21 August 2009


Amcor has offered to acquire parts of Alcan Packaging from Rio Tinto for US$2025mn. The businesses involved include: Alcan Packaging Global Pharmaceuticals, Alcan Packaging Food Europe, Alcan Packaging Food Asia and Alcan Packaging Global Tobacco.

The combined company will be one of the world’s leading packaging businesses: as at June 2009, Amcor generated AU$9.53bn in sales from operations in 34 countries and has 226 sites worldwide, with approximately 21,000 employees. The parts of Alcan Packaging it has offered to acquire would add some US$4.1bn in sales and 14,000 employees across 80 plants in 28 countries.

Amcor managing director and CEO Ken MacKenzie states: “We believe that 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.”

He continues: “While these are difficult economic times globally, Amcor is in a solid financial position. We made the tough decisions several years ago to reshape our company through focus and discipline. This acquisition is a clear fit with our strategic growth plans, building greater shareholder value by expanding our business whilst obtaining the economies of scale that comes with an opportunity such as this.”

The proposed acquisition is subject to regulatory approvals and consultation with European Works Councils. Closure is not expected to occur for several months.





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Amcor
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