Sunday, Bemis Company, Inc. (BMS) announced that it has signed a definitive agreement to acquire the Food Americas operations of Alcan Packaging, a business unit of international mining group Rio Tinto plc (RIO.L, RIO.AX), for $1.2 billion. Pursuant to the agreement, Bemis will acquire 23 Food Americas flexible packaging facilities in the U.S., Canada, Mexico, Brazil, Argentina, and New Zealand. These facilities produce flexible packaging for the food and beverage industries. The transaction is expected to be accretive to diluted GAAP earnings per share beginning in 2010.
The transaction is expected to close by the end of 2009, subject to customary closing conditions and regulatory review.
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