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The Food Americas operations recorded 2009 net sales of approximately $1.4 billion and operate 23 plants in North America, South America, and New Zealand. With this agreement, Bemis has satisfied the U.S. regulatory approval requirements necessary to complete the acquisition. Bemis expects the transaction to close as soon as possible.
"This acquisition will increase our global presence, diversify our existing product lines, and augment our technical capabilities," said Henry Theisen, President and Chief Executive Officer of Bemis Company, Inc. "We look forward to executing our transition plan and achieving our objectives of enhancing the value of our business to customers and shareholders."
The order signed by the court requires Bemis to divest certain Alcan Packaging Food Americas packaging assets in the United States after closing. The packaging assets that will be divested represent approximately $100 million in annual net sales and include two facilities with production equipment used to produce packaging for fresh meat and retail natural cheese products.
Forward Looking Statements
Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered "forward-looking" and are presented pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such content is subject to certain risks and uncertainties, including but not limited to costs associated with the pursuit of business combinations (pursuant to SFAS No. 141R), unexpected costs associated with completing the acquisition, and the availability and related cost of financing from banks and capital markets. Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors which are detailed in the Company's regular SEC filings including the most recently filed Form 10-K for the year ended December 31, 2008.
Additional information concerning some of the factors that could cause materially different results is included in the Company's reports on forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. Such reports are available from the Securities and Exchange Commission's public reference facilities and its Web site, Bemis' investor relations department, and Bemis' Web site.
"This acquisition will increase our global presence, diversify our existing product lines, and augment our technical capabilities," said Henry Theisen, President and Chief Executive Officer of Bemis Company, Inc. "We look forward to executing our transition plan and achieving our objectives of enhancing the value of our business to customers and shareholders."
The order signed by the court requires Bemis to divest certain Alcan Packaging Food Americas packaging assets in the United States after closing. The packaging assets that will be divested represent approximately $100 million in annual net sales and include two facilities with production equipment used to produce packaging for fresh meat and retail natural cheese products.
Forward Looking Statements
Statements in this release that are not historical, including statements relating to the expected future performance of the Company, are considered "forward-looking" and are presented pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such content is subject to certain risks and uncertainties, including but not limited to costs associated with the pursuit of business combinations (pursuant to SFAS No. 141R), unexpected costs associated with completing the acquisition, and the availability and related cost of financing from banks and capital markets. Actual future results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors which are detailed in the Company's regular SEC filings including the most recently filed Form 10-K for the year ended December 31, 2008.
Additional information concerning some of the factors that could cause materially different results is included in the Company's reports on forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. Such reports are available from the Securities and Exchange Commission's public reference facilities and its Web site, Bemis' investor relations department, and Bemis' Web site.
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