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Bemis profits, sales down in first halfJosh Brooks, 20 July 2009Be the first to comment on this article Acquisitive packaging giant Bemis, the company due to buy Alcan’s US packaging business, has reported falls in both turnover and profits for the first half of the year. Results published on Friday show that first-half sales fell 12% year on year to $1.7bn (£1.0bn), while pre-tax profit was down 5% to $137m. However, pre-tax profits in the second quarter of the year were actually higher than a year earlier, climbing 4% to reach $78m. Bemis president and chief operating officer Henry Theisen said in the results statement that the company’s flexible packaging business, which accounts for around 85% of the group’s total sales, had ridden out heavy fluctuations in raw materials costs and had benefited from the implementation of a world-class manufacturing programme. He added: “Our European flexible packaging operations continue to deliver record operating profits in 2009, reflecting improved cost management, manufacturing efficiencies and a higher mix of proprietary product sales.” The results come after a quarter in which Bemis announced the acquisition of Alcan’s American food packaging business and Huhtamaki’s Latin American operations. The $1.2bn buy-out of the Alcan business will add 23 flexible packaging facilities in the US, Canada, Mexico, Brazil, Argentina and New Zealand to Bemis’ portfolio. Meanwhile, the Huhtamaki deal will add three rigid packaging plants in Brazil and one in Argentina. BEMIS H1 2009 RESULTS Net sales $1,709m (2008: $1,927m)
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