Alcan has confirmed further details of the acquisition of shares in the Flexible Packaging Division of Hydro Aluminium Deutschland, which allow the company to expand into the European packaging market.
As part of the transaction, Alcan acquired, directly and indirectly, a total of 20,913,700 ordinary shares of Strongpack (representing 63.37 per cent of the total issued share capital of Strongpack). Strongpack is engaged in packaging businesses, providing production and processing services on all types of flexible packaging materials and is based in Thailand.
Thai regulatory requirements are such that Alcan is now required to make a tender offer to acquire all of the outstanding ordinary shares of Strongpack not directly or indirectly held by it. It is expected that a formal tender offer document will be sent to shareholders of Strongpack on May 14, 2003.
Alcan says that it has no current plans to delist shares of Strongpack from the Stock Exchange of Thailand or to materially change the operations of the Strongpack business in Thailand, whether by workforce reduction, new investments or capacity reduction.
Alcan is a multinational, market-driven company and a global leader in aluminum, packaging, and recycling with 2002 revenues of US$12.5 billion (€10.8bn). With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs 53,000 people and has operating facilities in 41 countries.