Bemis releases 2010 outlook after closing Alcan Packaging deal

Bemis 2010 outlook in line with Wall Street

NEENAH, Wis. — Bemis Company, Inc. released 2010 guidance in line with analyst expectations Monday following the close of its $1.2 billion deal to buy Alcan Packaging.

Bemis said it expects 2010 adjusted diluted earnings to range between $1.95 and $2.10 per share. Analysts polled by Thomson Reuters foresee $2 per share in earnings.

Bemis, which makes flexible packaging, said the new outlook includes its deal to buy 23 food and beverage packaging facilities of Alcan. The company’s guidance does not include an estimated 6 cents per share impact from acquisition financing costs and expected costs from severance charges and other items.

The company has also excluded from its guidance roughly $100 million in sales from two of the Alcan plants that will have to be divested as part of the deal.

Shares rose 23 cents to $29.50