Sealed Air tipped to buy Alcan Packaging

Sealed Air, the protective packaging specialist, has been named as the likely buyer of Alcan's packaging business.

The New Jersey-based firm has been tipped in US newspapers to pay £2bn-£2.5bn ($4bn-$5bn) in cash in a deal to be announced in the next few weeks.

Montreal-based Alcan said it would sell its packaging arm following the group's £19bn takeover by mining conglomerate Rio Tinto.

Bemis, the Minneapolis-based producer of flexible packaging and pressure-sensitive labels, is also said to be interested in acquiring Alcan Packaging.

However, a Sealed Air spokesman would not confirm its interest.

"As a general policy, Sealed Air does not comment on any specific acquisition activity or rumour," he said.

Alcan and Bemis also declined to comment.

The sale of Alcan's packaging division will help Rio Tinto finance its takeover of the rest of the group.

Alcan Packaging has five plants in the UK.
Source: packagingnews