Bemis said in a statement yesterday (1 March) that it had completed the deal, less than a week after gaining antitrust approval from US authorities.
President and chief executive Henry Thiesen said the firm was looking forward to an exciting and successful 2010.
“We are pleased to welcome our newest Bemis employees and look forward to integrating the new facilities into our business. During the next two years, we expect to pay down debt and deliver attractive returns to our shareholders,” he said.
As part of the agreement with US authorities, Bemis will divest two facilities, in Wisconsin and Oklahoma, which have sales of approximately $100m.
The move means Rio Tinto has divested more than $10bn worth of operations since acquiring Alcan in 2007.
Chief financial officer Guy Elliott said the firm’s balance sheet had been transformed in the past 12 months on the back of the divestment programme.
“The recapitalisation leaves Rio Tinto well placed to consider value adding investment opportunities as they emerge,” said Elliott.
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