Alcan is to purchase VAW Packaging (FlexPac) from Norsk Hydro for about €345M. The proposed acquisition, which is subject to clearance by European competition authorities, will enhance Alcan's global position in packaging significantly, particularly in the developing markets of Asia.
FlexPac, which has 14 plants and 5,400 employees in eight countries, produces flexible packaging for the food, dairy and pharmaceutical industries. The company recorded sales of €637M in 2001. It would add technological capability, including engineered films, and management strength to Alcan's packaging portfolio.
"This is an excellent opportunity," says Travis Engen, president and ceo of Alcan. "The proposed acquisition adds attractive market segments and economic opportunities. It also reinforces our commitment to profitably grow the packaging business and increases our ability to serve our customers as they expand globally."
More information from Jo-Ann Longworth, Alcan - TEL: +1 514 848 8368.
