Bemis (BMS) Acquires South American Rigid Packaging Operations for $43M
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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 US$85.8 million in 2008, primarily to dairy and food service markets.
In this transaction, Bemis acquired the common stock of Huhtamaki Plasticos Rigidos Brasil Ltda and Huhtamaki Argentina S.A. for a total purchase price of approximately $43 million. The purchase price was paid with a combination of the equivalent of $32.3 million cash on hand, $1.9 million of debt assumed, and a $8.8 million note payable to the seller due May 31, 2010.
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