Bemis acquires South American rigid packaging operations
Neenah-based 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 $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 $43 million.
“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.”