Dupont confirms Liqui-Box buy
Liqui-Box which makes packaging for food.
DuPont Canada confirmed the acceptance of its $333 million (€352m) bid for Liqui-Box which makes packaging for food sold to restaurants, fast-food chains and institutions.
Liqui-Box shareholders had already voted to accept the offer last week. A DuPont subsidiary, Enhance Packaging Technologies of Whitby, Ontario, will acquire Liqui-Box, but the two will use the Liqui-Box name.
After approving the deal at a meeting in Columbus, Ohio, shareholders now will get $67 a share, 30 per cent above market price. With all regulatory consents obtained, the merger is expected to be completed at the end of this week.
The unit operates in North and South America, Europe and Asia with over 1,000 employees. The sale is expected to generate $400 million a year in additional sales for DuPont Canada.
DuPont Canada is a diversified science company, serving customers in more than 40 other countries. Headquartered in Mississauga, the company operates manufacturing facilities at seven sites in Canada and one in France, with more than 3,300 employees.
Enhance Packaging Technologies, which includes Prepac of France, supplies films and systems to a wide range of customers including dairies, drink beverage producers, food producers, film converters and industrial customers in 30 countries.
