ZURICH, Aug. 11,
2023 /PRNewswire/ -- 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 advanced 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.
ENDS
About Amcor
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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SOURCE Amcor