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Amcor completes acquisition of Alcan PackagingSimeon Goldstein, 2 February 2010Be the first to comment on this article Rio Tinto is still looking for a buyer for the Alcan beauty packaging operations after completing the majority of its Amcor sale. Mining giant Rio Tinto said in a statement the sale of most of the pharmaceuticals and tobacco businesses and European and Asian food businesses of Alcan Packaging had been completed yesterday for $1.95bn (£1.2bn). The difference between that amount and Amcor’s $2bn offer relates to the deferred sale of the medical flexibles business in the US which is still under review by the Department of Justice and could take another two months to resolve. Amcor chief executive Ken MacKenzie said the firm was now focusing on integrating the two businesses and had unveiled a new corporate identity. “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,” he said. A Rio Tinto spokesman told Packaging News this morning that it was still looking for a sale for the remaining beauty packaging division but declined to comment further. Rio has divested $5.6bn in assets since the start of last year and described the Amcor transaction as “a significant step in the recapitalisation of our balance sheet”. Bemis’ acquisition of Alcan Packaging Food Americas is expected to be completed this quarter. Amcor’s new corporate identity will be rolled out progressively over the coming months. “With more than 300 sites across 43 countries, a strong unified brand across all our operations and geographies in an important part of our future,” said MacKenzie. Click here for today’s headlines from across the packaging industry Speak Your Mind |
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