2 February 2010 — Amcor announces today that the acquisition of the Alcan Packaging businesses has been completed. This acquisition provides Amcor with leading global positions in the nominated strategic growth markets for flexible packaging and folding carton packaging for tobacco.
The purchase consideration of US$1,948(1) million represents a PBITDA multiple of 5.1 times based on earnings for the year ended 31 December 2009 of US$383 million (excluding the Medical Flexible operations in the U.S.).
Earnings for the Alcan Packaging businesses acquired increased in the second half of the 2009 calendar year, predominately due to improved economic conditions and benefits from prior period restructuring.
Amcor’s Managing Director and CEO, Mr Ken MacKenzie, said: “We are delighted to finalise the acquisition of the Alcan Packaging assets and have their talented team join Amcor.
“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.
“We are now focused on ensuring seamless integration of these businesses and on achieving the synergies and opportunities offered by this acquisition.”
1 Closing consideration represents the initial $2,025 million consideration reduced for the deferred sale of the Medical Flexible business ($65 million), increased for the PBITDA adjustment ($65 million) and reduced for other transaction adjustments including a purchase price adjustment ($21 million) and working capital ($45 million).
Source: WorldPressOnline
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