Canadian Moves Onto The World Stage

The completion of two recent deals has more than doubled the estimated turnover of Canadian firm Consumers Packaging Inc. The first deal is the purchase of the assets of Anchor Glass of the USA, in which Consumers acted in partnership with Owens Illinois. Under the terms of the deal Consumers paid US$200.47m in cash together with US$47m in convertible preferred stock and nearly 500,000 shares of common stock in the newly formed Anchor Glass Acquisition Corp. For this, Consumers has acquired over 55% of the new company which comprises 11 operating plants, a machine shop & a mould shop, some of the liabilities of the old company were also assumed. The other part of the deal gave Owens-Illinois Anchor's two plants in California for S$125m.