Bemis Company said it has completed the $1.2bn acquisition deal of Alcan Packaging Food Americas from mining giant Rio Tinto.
Neenah-based Bemis acquired 23 Food Americas flexible packaging facilities in the US, Canada, Brazil, Mexico, Argentina and New Zealand.
The two plants that the US regulators required Bemis to divest in Menasha and Tulsa, Oklahoma, represent net sales of about $100m a year, which is excluded from the earnings guidance.
Bemis expects cost savings of about $22m in 2010 and plans to achieve $60m in annual savings by the second year, the company said.
The packaging firm has also set its full-year 2010 earnings per share outlook at $1.95 to $2.10 per share.
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