Amcor recently entered into an agreement to buy Phoenix Flexibles, which has a plant in Gujarat, India.
Terms of the deal, which is expected to close this fall, were not disclosed. The acquisition is subject to customary closing procedures.
In a news release, Amcor says Phoenix Flexibles generates about $20 million in annual revenue from the sale of flexible packaging for food, home care, and personal care applications.
Amcor currently has four flexible packaging plants in India.
The deal is expected to increase Amcor’s capacity to satisfy continued high demand, the company says. 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 high-value segments.
“Amcor continues to see substantial opportunities to grow our flexible packaging business in India,” said Mike Cash, president of Amcor Flexibles Asia Pacific, in a release. “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.”
Amcor, which is based in Switzerland, develops and produces packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other products. In fiscal year 2022, 44,000 workers generated $15 billion in annual sales from operations that span 220 locations in 43 countries, the company says.