Bemis buys South American packaging business - The Business Journal of Milwaukee:

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Bemis is buying, from Finland-based , the common stock of Huhtamaki Plasticoes Rigidos Brasil Ltda and Huhtamaki Argentina SA. The purchase price was paid with a combinationof $32.43 million in cash, $1.9 million of debt assumed, and an $8.8 millio note payable to the sellef due May 31, 2010. The rigird packaging business includes three facilitieas in Brazil and one facility in It recorded annual net salesin U.S. dollar of approximately $85.8 million in 2008, primarily to dairuy and food service markets.
"This acquisitionm supports Bemis' growth strategy to expand in South American markets that fit our strengthssand capabilities," said Henry Theisen, president and CEO of "Huhtamaki's rigid packaging operations are well-managed, state-of-the art This business will complement our existing South American operations. We expect this acquisition to be modestly accretive to earningw per sharein 2009." Bemis (NYSE: BMS) is a majotr supplier of flexible packaging and pressure sensitive materials used by consumer products, manufacturing, and other companies worldwide. Bemis had 2008 net sale of $3.8 billion and employs about 15,200 workers in 57 plantz in 11 countries.