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Business Briefing / Plastics

Bemis buying Rio Tinto's Alcan assets

July 07, 2009|Times Wire Reports

Bemis Co., whose clear plastic packages hold a multitude of common items, said it was paying $1.2 billion for the global packaging assets of Anglo-Australian mining firm Rio Tinto.

Buying the assets, known collectively as Alcan Packaging Food Americas, gives Neenah, Wis.-based Bemis 23 facilities in the U.S., Canada, Mexico, Brazil, Argentina and New Zealand that make flexible plastic containers for cheeses and steaks as well as clear, hard-to-penetrate packages for batteries and toys.

The sale of the business is the latest by London and Melbourne, Australia-based Rio Tinto to cut its debt.

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