Amcor Completes Acquisition of Alcan
Amcor Ltd. (Australia) launches its new global brand in conjunction with the Alcan Packaging acquisition, which is complete. The new global brand symbolizes the creation of a new company and represents the beginning of a new era for Amcor. In August 2009, Amcor submitted a binding offer to purchase parts of the Alcan Packaging business from Rio Tinto (Melbourne, Australia). The businesses that Amcor has acquired includes: Alcan Packaging Global Pharmaceutical; Alcan Packaging Food Europe; Alcan Packaging Food Asia; and Alcan Packaging Global Tobacco.
“We are delighted to finalize the acquisition of the Alcan Packaging assets and have their talented team join Amcor," says Ken MacKenzie, CEO and managing director, Amcor. “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. We are now focused on ensuring seamless integration of these businesses and on achieving the synergies and opportunities offered by this acquisition.”
The new Amcor is in a position to offer more product choices and packaging solutions to customers, resulting from the combined product portfilios and new product development projects. Access to new technologies, services, and support will further enhance the company's product and service offering.
The new brand enables customers, employees, and suppliers globally to recognize and connect with Amcor. Housed inside the Amcor pod are five core values: safety, integrity, teamwork, social responsibility, and innovation.
These values lie at the heart of defining who the company is and how it behaves. Executives say the five pillars of sustainability — environment, community, workplace, marketplace, and economy — guide the company's commitment to responsible packaging.
“The brandmark and other symbols of our new identity reflect a new and progressive organisation of people dedicated to innovation and committed to sustainability," MacKenzie says. "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. The new brand will be rolled out progressively over the coming months."
The acquisition of Alcan provides Amcor with global positions in the nominated strategic growth markets for flexible packaging and folding carton packaging for tobacco. The purchase consideration of $1.95 billion represents a Profit Before Interest, Tax, Depreciation, and Amortization multiple of 5.1 times based on earnings for the year ended Dec. 31, 2009 of $383 million, excluding the Medical Flexible operations in the United States. Earnings for the Alcan Packaging businesses acquired increased in the second half of the 2009 calendar year, mostly due to improved economic conditions and benefits from prior period restructuring.