Alcoa, a leading manufacturer of specialty plastics food packaging, has completed its previously announced agreement to acquire Chicago-based Ivex Packaging Corporation.
The acquisition excludes Ivex's 48.2 per cent interest in Packaging Dynamics Corporation, which will be distributed to Ivex's shareholders.
The acquisition will strengthen Alcoa position in the North American general packaging sector, in particular the manufacturing of aluminium foils used to maintain food freshness.
Ivex is a leading manufacturer of specialty plastic packaging for the food, electronic, medical, and retail markets with revenues totalling $643 million (€654m) in 2001. The company has approximately 3,700 employees primarily in North America, as well as Europe and Southeast Asia. It will become part of Alcoa's global packaging and consumer business, which had 2001 revenues of $2.7 billion and after-tax operating income of $185 million.
Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers.