NewsVoir
Zurich [Switzerland], August 10: Amcor (NYSE:AMCR, ASX:AMC), a global leader in developing and producing responsible packaging solutions, today announced it has entered into an agreement to acquire Phoenix Flexibles, expanding Amcor’s capacity in the high-growth Indian market.
Phoenix Flexibles has one plant located in Gujarat, India, and the business generates annual revenue of approximately US$20 million from the sale of flexible packaging for food, home care and personal care applications.
Amcor currently has four flexible packaging plants in India. The business has delivered double-digit organic sales growth per annum over the last three years, significantly outpacing growth in the underlying market, and is also investing to double its local footprint in the Pharmaceutical and Medical packaging categories.
The addition of Phoenix Flexibles’ well capitalized and strategically located production facility will immediately increase Amcor’s capacity to satisfy continued high demand and drive strong returns for shareholders. The acquisition also adds machine-direction oriented film technology, enabling local production of a broader range of more sustainable packaging solutions, and brings capabilities allowing Amcor to expand its product offering in attractive high-value segments.
Amcor Flexibles Asia Pacific President Mike Cash said, “Amcor continues to see substantial opportunities to grow our flexible packaging business in India. With this acquisition, we are investing to maintain and build upon the significant momentum the business has delivered over several years. The scalable nature of the acquired facility, combined with the localization of new capabilities, further enhances our customer value proposition in this attractive high-growth market.”
The acquisition is subject to customary closing procedures and is expected to close in the September 2023 quarter.
Amcor is a global leader in developing and producing responsible packaging solutions for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly lighter weight, recyclable and reusable, and made using an increasing amount of recycled content. In fiscal year 2022, 44,000 Amcor people generated $15 billion in annual sales from operations that span 220 locations in 43 countries. NYSE: AMCR; ASX: AMC.
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