Bemis Company Inc. (NYSE:BMS) says it has acquired the South American rigid packaging operations of Huhtamaki Oyj, a global manufacturer of consumer and specialty packaging. The $43 million deal includes the company's three facilities in Brazil and one facility in Argentina.
Bemis acquired the common stock of Huhtamaki Plásticos Rígidos Brasil Ltda and Huhtamaki Argentina S.A. in exchange for a combination of $32.3 million in cash, assumption of $1.9 million of debt assumed, and an $8.8 million note payable to the seller in May 2010.
Huhtamaki Oyj posted net sales of about $85.8 million in 2008, primarily to dairy and food service markets.
“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. “This business will complement our existing South American operations.”
Bemis Company is a major supplier of flexible packaging and pressure sensitive materials used by food, consumer products, manufacturing, and other companies worldwide. Founded in 1858, the company reported 2008 net sales of $3.8 billion. Based in Neenah, Wisconsin, Bemis employs about 15,200 at 57 manufacturing facilities in 11 countries around the world. For more information about the company visit http://www.bemis.com/
For a complete version of the BUSINESS WIRE press release:
http://www.businesswire.com/news/home/20090603005521/en
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