NEW DELHI (dpa-AFX) - Amcor plc (AMCR) developer of responsible packaging solutions, announced on Friday that it agreed to acquire Phoenix Flexibles, an Indian packaging company offering flexible packaging solutions.
This will add to Amcor's existing four flexible packaging plants in India.
The financial details of the transaction were not divulged.
Phoenix Flexibles has one plant in the Indian state Gujarat and the business generates annual revenue of around $20 million from the sale of flexible packaging for food, home care and personal care applications.
The deal also adds advanced film technology allowing the company to expand its product offering in attractive high-value segments.
The acquisition is expected to close in the September quarter.
Amcor's current business in India has delivered double-digit organic sales growth per annum over the last three years. The company is also investing to double its local footprint in the Pharmaceutical and Medical packaging categories.
Currently, shares of Amcor are trading at $9.64 down 0.87% on the New York Stock Exchange.
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