Nov 25 2002
Alcan have reached a non-binding agreement to purchase VAW Packaging (FlexPac) from Norsk Hydro for approximately 345 million Euros. Should the deal go ahead, it would be expected to close some time in mid-2003.
The purchase would add significantly to Alcan’s packaging portfolio, especially in the developing market that is Asia. If successful, they would have world class operations in Europe, The Americas as well as Asia.
The FlexPac acquisition would entail 14 plants across 8 countries and approximately 5400 employees. It also shows their commitment to the packaging industry and enhances their ability to compete in the Eastern European and Asian markets.
FlexPac produce high quality flexible packaging for applications such as consumer goods, food, dairy and pharmaceuticals. The technologies they possess will compliment those already owned by Alcan.
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