Alcoa Completes Acquisition of Ivex Packaging Corporation; Move Broadens Alcoa's Position in the Foodservice and Consumer Packaging Industry.Business Editors Alcoa Inc. (NYSE NYSE See: New York Stock Exchange :AA) announced today that it has completed its previously announced agreement to acquire Chicago-based Ivex Packaging Corporation. Shareholders of Ivex will receive $21.50 per share in cash. The acquisition excludes Ivex's 48.2% interest in Packaging Dynamics Corporation, which will be distributed to Ivex's shareholders. Ivex is a leading manufacturer of specialty plastic packaging for the food, electronic, medical, and retail markets with revenues totaling $643 million in 2001. Ivex has approximately 3,700 employees primarily in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , as well as Europe and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . 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 Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. 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, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) aluminum foil Noun 1. aluminum foil - foil made of aluminum aluminium foil, tin foil foil - a piece of thin and flexible sheet metal; "the photographic film was wrapped in foil" , Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding Wikipedia is not the place for advertisement or self-advertising. Vinyl siding, first introduced to the exterior cladding market in the late 1950s, is an alternative to aluminum siding, fiber cement siding, and timber siding. , closures, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 38 countries. Alcoa (NYSE:AA) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion