Are converting businesses going Down Under?
The after-Christmas sale of Alcoa’s packaging and consumer businesses to New Zealand’s Rank Group, and Australia’s Rio Tinto buying Canada’s Alcan last summer begs the question: Are converting businesses going Down Under?
Melbourne-based Rio Tinto took over Alcan in October, after paying $38.1 billion. Now, Rank Group says it will pay $2.7 billion for Alcoa’s Flexible Packaging, Closure Systems Intl., Reynolds Wrap consumer brands and Reynolds Food Packaging divisions. Both are all-cash tranactions.
Where the two deals diverge, however, is that Rio Tinto says it plans to divest the Alcan Packaging operations. Obviously, Rank Group will look at assimulating the Alcoa ops with its Carter Holt Harvey, SIG Holding and Evergreen Packaging businesses.
My question again is: Does this indicate a trend of non-North American companies buying up and taking control away from US and Canadian converting and package-printing operations? You can’t get too much farther away from here than Australia and New Zealand and stay on the same planet.
Next up: Look for my report on the inaugural Converters Expo. The one-day event takes place Thursday in Green Bay, WI.
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