Amcor is set to become one the world’s largest packaging companies, after it announced plans to buy Alcan Packaging for
Amcor is set to become one the world’s largest packaging companies, after it announced plans to buy Alcan Packaging for almost $2.5 billion.
The deal would see Amcor take control of Alcan’s European and Asian food packaging services as well its pharmaceuticals and tobacco packaging businesses.
Amcor CEO Ken McKenzie says the acquisition fell directly into his company’s plans for expansion, despite the tough economic times.
“Growing our business in a sustainable manner was always our stated intention and we are pleased to have entered into this agreement,” McKenzie says.
“While these are difficult economic times globally, Amcor is in a solid financial position. We made the tough decisions several years ago to reshape our company through focus and discipline.
“This acquisition is a clear fit with our strategic growth plans, building greater shareholder value by expanding our business whilst obtaining the economies of scale that comes with an opportunity such as this.”
Amcor also announced its annual results yesterday, posting an 18 percent drop in net profits to $212 million, despite a revenue growth of 3.3 percent to $9.5 billion.
The drop in profit was blamed on a low demand for manufactured goods.