Australian packaging giant Amcor has offered to buy the European and Asian arms of Alcan Food Packaging along with its pharmaceutical and tobacco businesses for $2025m (€1434m).
Amcor has temporarily halted trading on the Australian stock exchange, fuelling rumours that the group is finally about to move for Rio Tinto’s Alcan pharmaceutical packaging unit.
Australian group Amcor has confirmed that talks about a takeover of Alcan’s pharmaceutical packaging business are still ongoing but says that no binding agreement has yet been reached.
Michael Schmitt, president of Alcan Global Pharmaceutical Packaging, believes a recovery in the global economy, the increasing demand for quality and the emergence of markets like India and Brazil will be key drivers for the packaging sector over the...
Australian packaging company Amcor is in talks with mining giant Rio Tinto about buying part of the latter’s Alcan Packaging Division, confirming speculation that emerged late last year.
Alcan Packaging’s decision to close its packaging production facility in Nebraska, US, at a cost of 71 jobs, follows just weeks after parent company, Australian mining giant Rio Tinto, announced some 14,000 lay offs.
Alcan says that its new Indian facility further strengthens its position “in pharmaceutical flexibles through growth in emerging markets,” which contributed about 20 per cent of its revenue last year.
Speculation is rife that Australia’s Amcor is one of several companies to have tabled bids for Rio Tinto’s $4.4bn (€3.1bn) Alcan Packaging division that serves the pharmaceutical, food and tobacco industries.
