Amcor announced today that it has completed its $1.95 billion acquisition of the Alcan Packaging businesses, including the former Alcan Packaging Global Pharmaceuticals, Food Europe, Food Asia and Global Tobacco divisions. The purchase consideration represents a profit before interest, tax, depreciation and amortization (PBITDA) multiple of 5.1 times based on earnings for the year ended Dec. 31, 2009, of $383 million (excluding Medical Flexible operations in the U.S.).
“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,” says Amcor’s managing director and chief executive officer Ken MacKenzie. “We are now focused on ensuring seamless integration of these businesses and on achieving the synergies and opportunities offered by this acquisition.”
Coincidental to the Alcan acquisition, Amcor launched a new global brand to signify the creation of a new company and the beginning of a new era at the company. Says Amcor, the new brand includes the Amcor “pod” which houses the five core values-safety, integrity, teamwork, social responsibility and innovation. These values lie at the heart of defining who we are and how we behave, and the five pillars of sustainability-environment, community, workplace, marketplace and economy-which guide the converter’s commitment to responsible packaging.
“The brandmark and other symbols of our new identity reflect a new and progressive organization of people dedicated to innovation and committed to sustainability,” says MacKenzie. “With more than 300 sites across 43 countries, a strong, unified brand across all our operations and geographies is an important part of our future. As we grow and create industry leading benchmarks in packaging, our brand will represent and support our messages, relationships and reputation.”
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