The once-mighty Alcan Packaging empire has formally ceased to exist this week after its mining giant parent Rio Tinto Ltd. has put finishing touches on the sell-off its two remaining Alcan business units.
With the US$66-million sale of the company’s four North American Medical Flexibles production plants to packaging group Amcor recently receiving the U.S. Justice Department approval, this week’s buyout of the Alcan Packaging Beauty business to the European-based investment group Sun European Partners LLP for an undisclosed amount has brought an end to a combined US$10-billion asset auction carried out by Rio Tinto since early 2008 to finance its US$38-billion acquisition of the Canadian aluminum giant Alcan Inc. in 2007.
Employing 8,200 people at 26 production plants in Europe, Asia and the Americas, Alcan Packaging Beauty generated US$748 million in revenues in 2009, according to the new owners, who plan to keep operating the company from its current headquarters in Gennevilliers, near Paris, France.
“Sun’s objective in acquiring Alcan Packaging Beauty is to continue developing the company to position it as the best in the cosmetic packaging industry,” says Sun European Partners principal Paul Daccus.
Adds Alcan Packaging Beauty president Francois Luscan: “We believe that our new ownership will offer Alcan Packaging Beauty an exciting future [and] will enable us to develop a strong platform of growth and always offer the best possible value to our customers.”