The mining corporation’s desire to sell off the packaging sectors of the Alcan business was clear from the time it made the acquisition, but finding a buyer has taken some time.
Rumours started circulating earlier this year about the plan of Sun European Partners (the European adviser for US-based investment firm Sun Capital Partners) to purchase the beauty packaging business, which have now been confirmed by the investment company.
“Sun’s objective in acquiring Alcan Packaging Beauty is to continue developing the company to position it as the best in the cosmetics packaging industry,” said Paul Daccus of Sun European Partners.
This is not the first packaging company to be acquired by the investment firm, which currently holds France-based Veriplast and Exopack in the US.
Financial details of the transaction have not been revealed.
For Alcan Packaging Beauty, which achieved sales last year of $748m (€594.4m), the acquisition is expected to bring investment and resources to the company.
“We believe that our new ownership will offer Alcan Packaging Beauty an exciting future. Sun’s support with time and resources, and its experience in business development combined with Alcan Packaging Beauty’s assets will enable us to develop a strong platform of growth and always offer the best possible value to our customers,” said Alcan Beauty Packaging President, Francois Luscan.
Alcan was also keen to reassure its clients of the continuity of its business and strategy, even following the acquisition.
Sun European Partners’ plans for the company are in line with the current growth strategy and plans of Alcan Packaging Beauty, the company said.
Sun European Partners has taken on all of the company’s assets in the acquisition which include 26 manufacturing sites in Europe, Asia and the Americas, as well as its sales offices and the division head office in Gennevilliers, France.
On 1 February 2010, Amcor purchased Alcan’s food Europe, food Asia, tobacco and pharmaceutical packaging businesses, after the company sold off two flexible packaging plants in Spain following instructions from the European Competition Authorities.
In March, the food Americas business was sold to Bemis.