Neenah, Wisconsin, USA, 03 June 2009 -- Bemis Company, Inc. (NYSE-BMS) today announced that it 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 USD 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 USD 43 million. The purchase price was paid with a combination of the equivalent of USD 32.3 million cash on hand, USD 1.9 million of debt assumed, and a USD 8.8 million note payable to the seller due 31 May 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. "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 Company 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 USD 3.8 billion. The company's flexible packaging business has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. The company's pressure sensitive materials business specializes in adhesive technologies. Headquartered in Neenah, Wisconsin, Bemis employs about 15,500 individuals in 61 manufacturing facilities in 11 countries around the world. More information about the company is available at www.bemis.com.