Amcor has signed an agreement to acquire India-based flexible packaging company, Phoenix Flexibles, for an undisclosed amount.
Phoenix Flexibles operates a single facility located in Gujarat, India. The company’s operations generate annual revenue of approximately $20 million from the sale of flexible packaging for food, home care and personal care applications.
The acquisition will expand Amcor’s capacity in the high-growth Indian market. It will also introduce advanced film technology, facilitating the local production of a broader range of environmentally conscious packaging solutions. Furthermore, it will provide Amcor with the capacity to expand its product portfolio into “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.”
He continued: “The scalable nature of the acquired facility, combined with the localisation of new capabilities, further enhances our customer value proposition in this attractive high-growth market”.
The deal, which is subject to customary closing procedures, is expected to close next month.
© FoodBev Media Ltd 2023