Amcor, the world's largest PET bottler, acquires aluminium packaging business
Amcor, headquartered in Melbourne, is the world's largest PET packaging material manufacturer. PET packaging materials are widely used in the manufacture of beverage bottles, wine bottles and other beverage containers. They are also used in the packaging of cardboard boxes and a wide range of other types of products. Alcan Packaging specializes in the manufacture of food, beverages, and packaging for pharmaceuticals, medical devices, beauty products and tobacco products.
According to foreign media reports, Rio Tinto will soon decide to sell Alcan Packaging to Amcor for US$2 billion, which is a major event for the mining giant’s asset sales plan to repay more than US$10 billion in debt.
In a statement on Wednesday, Rio Tinto stated that based on the agreement that was first announced in August this year, the company formally accepted Amcor's proposal to purchase Alcan's global pharmaceutical and global tobacco and food products packaged in Europe and Asia.
The European antitrust regulator approved the plan earlier this month after telling Australian packaging giant Amcor to sell two pharmaceutical packaging plants. This requirement is designed to eliminate people from trading that will help Amcor beat its main competitors and become a strong European supplier of pharmaceutical packaging.
The transaction is yet to be approved by the U.S. regulatory authorities.
In order to repay the huge debt of 38 billion U.S. dollars owed by Canadian aluminum giant Alcan in 2007, London-based Rio Tinto has sold 10.3 billion U.S. dollars of assets since February 2008. The sale of non-core assets in the Alcan division of the packaging business has become a core strategy for debt repayment.
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