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Packaging Corporation of America stock price
Packaging Corporation of America latest news:
Amcor considering potential takeover of rival Bemis Co - Bbg
Packaging company Amcor Ltd (AMCRF) is considering a takeover of rival Bemis Co (BMS), Bloomberg reported on Thursday, citing people familiar with the matter. Amcor (AMCRF) is working with advisers to explore a bid for Bemis, which has a market valuation of about $4.3 billion, the report said. Amcor (AMCRF) and Bemis were not immediately available to comment.
BRIEF-Packaging Corporation of America announces agreement to acquire Sacramento Container Corp
Packaging Corp of America(PKG) : * Packaging Corporation of America (PKG) announces agreement to acquire Sacramento Container Corporation and conversion of Wallula Mill Paper Machine to high-performance 100% virgin linerboard.
BRIEF-Packaging Corp of America reports Q2 sales $1.6 billion
* Packaging Corporation of America reports second quarter
Multi-Color to acquire Constantia Labels division for about $1.3 billion
Multi-Color Corporation. said Monday it has signed an agreement to acquire the labels division of Constantia Flexibles for about $1.3 billion in cash and stock. The division is part of Constantia Flexibles GmbH, an Austrian provider of flexible packaging and labels. The combined annual revenue of the two businesses is about $1.6 billion, the companies said in a statement. The deal "brings together Constantia Labels' high performing Food and Beverage business with Multi-Color's strong Wine and Spirit, and Home and Personal Care platforms, and emerging global position in Healthcare," said the statement. Multi-Color is expecting the deal to be "meaningfully accretive" to per-share earnings in fiscal 2019, the first full year of combined results. It is expected to close in the third quarter of fiscal 2018. Multi-Color said it still expects June quarter core EPS of about 80 cents. Multi-Color shares were halted for the news premarket, but have gained 6% in 2017, while the S&P 500 has gained about 10%.
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Bemis to cut 300 jobs, close 2 facilities
Bemis Co. Inc. said it will cut 300 jobs as part of a restructuring plan aimed at saving about $55 million to $60 million a year. The job cuts will be made over the next three years. The job cuts represent about 5% of the global administrative workforce, and about 1.7% of the total workforce. The plastic packaging supplier said it will close two manufacturing facilities, with one closure beginning this year and the other in 2018. The employees of those facilities will be transferred to other locations. "During April, we began a review to align our U.S. manufacturing and administrative cost structures with the demands of our customer base to better position the Company in the current environment and for its long-term success," said Chief Executive William Austen. "Given the challenges in the Brazilian economic environment, we also expanded the scope of our review to include our entire global business." The stock, which was still inactive in premarket trade, has lost 1.8% year to date while the S&P 500 has gained 8.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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