Tekni-Plex Inc. completed the acquisition of three manufacturing facilities from Amcor plc.
June 16, 2019
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Tekni-Plex Inc. entered into a definitive agreement to acquire three manufacturing facilities from Amcor Limited (ASX:AMC) for approximately $220 million on April 22, 2019. The transaction represents an add-on for Tekni-Plex sponsored by Genstar Capital. Tekni-Plex and Amcor entered into the agreement in order to resolve certain specific antitrust concerns raised in the United States associated with the proposed combination of Amcor and Bemis. The facilities generate annual combined sales of approximately $100 million. Approximately 150 employees of from the three facilities will join Tekni-Plex pursuant to the deal. Closing is subject to approval by the United States Department of Justice and completion of the merger between Amcor Limited and Bemis Company Inc. William Blair acted as a financial advisor to Amcor Limited. Steven H. Levin, Alexandria Pike, Paul Watkins, Nir Servatka and Gregg Benson of Davies Ward Phillips & Vineberg LLP to Amcor plc (ASX:AMC). Todd Boes, Michael Lee, Michael McFalls, Peter Alpert, Aaron Harsh, Benjamin Rogers, Michael Kurzer, Elizabeth Gallucci and Emily Burke of Ropes & Gray LLP acted as the legal advisor for Tekni-Plex, Inc.
Tekni-Plex Inc. completed the acquisition of three manufacturing facilities from Amcor plc (ASX:AMC) on June 17, 2019.
Amcor plc is a packaging company. The Company is engaged in developing and producing solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. The Company operates through two segments: Flexibles and Rigid Packaging. The Flexibles segment consists of operations that manufacture flexible and film packaging in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries. The Rigid Packaging segment consists of operations that manufacture rigid containers for a range of predominantly beverage and food products, including carbonated soft drinks, water, juices, sports drinks, milk-based beverages, spirits and beer, sauces, dressings, spreads and personal care items, and plastic caps for a wide variety of applications. The Company's subsidiaries include Amcor Flexibles North America, Inc., Amcor Pty Ltd, and Amcor UK Finance plc.