Amcor announced it has entered into an agreement to acquire Phoenix Flexibles, expanding Amcor's capacity in the Indian market.
Phoenix Flexibles has one plant located in Gujarat, India, and the business generates annual revenue of approximately $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 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.
The acquisition is subject to customary closing procedures and is expected to close in the September 2023 quarter.
