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Bemis sales drop as Alcan buy nears completionJosh Brooks, 29 January 2010Be the first to comment on this article Bemis has said it expects to complete its acquisition of 23 Alcan plants in the Americas by the end of March as it reported a 7% drop in turnover for 2009. The flexibles multinational said in full-year results published yesterday that it was expecting approval of the deal in the first quarter of 2010. Bemis first announced its $1.2bn acquisition of Alcan Packaging’s Food Americas business last July. The Alcan business includes 23 flexible packaging plants across the Americas and New Zealand and has turnover of around $1.5bn. Bemis is still waiting for final sign-off from the US Department of Justice for the deal to go ahead but said in its statement that it was discussing “remedies” to resolve authorities’ concerns about the transaction. Amcor secured US regulatory approval for the American part of its buy-out of the majority of Alcan Packaging earlier this month. Bemis president and chief executive Henry Theisen said in yesterday’s statement that the Alcan deal was a key element of Bemis’ plans to grow in 2010. Overall for 2009 the company recorded a 7% drop in turnover to $3.5bn, while pre-tax profit slipped 9% to $245m. Currency movements were blamed for 3.3% of that fall in sales. The company’s flexible packaging business saw a 5% decrease in turnover to $3.0bn, but the operation reported a record operating margin of 13.1%. Theisen said: “I am pleased to report a record level of annual flexible packaging operating profit and the highest annual profit margins as a percentage of net sales since 2004. “We look forward to further expanding our product portfolio in 2010 with additional flexible packaging products from the Alcan Packaging Food Americas acquisition.” BEMIS 2009 FULL-YEAR RESULTS Total sales 3,514 (2008: 3,779) Click here for the rest of the headlines from across the packaging industry Speak Your Mind |
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