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Bemis Company Acquires South American Rigid Packaging Operations from Huhtamaki
June 3, 2009
1 Min Read
Bemis Company, Inc. has acquired the South American rigid packaging operations of Huhtamaki Oyj, a global manufacturer of consumer and specialty packaging. This rigid packaging business, which includes three facilities in Brazil and one facility in Argentina, recorded annual net sales of approximately U.S. $85.8 million in 2008, primarily to dairy and food service markets.
In this transaction, Bemis acquired the common stock of Huhtamaki Plásticos Rígidos Brasil Ltda and Huhtamaki Argentina S.A. for a total purchase price of approximately U.S. $43 million. The purchase price was paid with a combination of the equivalent of U.S. $32.3 million cash on hand, U.S. $1.9 million of debt assumed, and a U.S. $8.8 million note payable to the seller due May 31, 2010.
“This acquisition supports Bemis’ growth strategy to expand in South American markets that fit our strengths and capabilities,” said Henry Theisen, president and chief executive officer of Bemis Company, Inc. “Huhtamaki’s rigid packaging operations are well-managed, state-of-the art facilities. This business will complement our existing South American operations. We expect this acquisition to be modestly accretive to earnings per share in 2009.”
Bemis Co. is a major supplier of flexible packaging and pressure sensitive materials used by leading food, consumer products, manufacturing, and other companies worldwide. Founded in 1858, the company reported 2008 net sales of $3.8 billion. For more information, visit www.bemis.com.
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