Amcor Announces Acquisition of Flexible Packaging Plant

Amcor has signed an agreement to acquire Phoenix Flexibles, expanding its capacity in India's high-growth market through this transaction. Phoenix Flexibles operates a facility in Gujarat, India, and generates annual revenue of approximately USD 20 million from the sale of flexible packaging for food, home care and personal care applications. Amcor currently operates four flexible packaging facilities in India. The operation has achieved double-digit organic sales growth annually over the past three years and is investing to double its local footprint in pharmaceutical and medical packaging categories. The addition of Phoenix Flexibles' well-capitalized and strategically positioned manufacturing facility will immediately increase Amcor's capacity to meet ongoing strong demand and deliver strong returns to shareholders. The acquisition also brings advanced film technology to Amcor's services, enabling local production of a broader range of more sustainable packaging solutions. Mike Cash, President of Amcor Flexibles Asia Pacific, stated: "Amcor continues to see significant opportunities to grow its flexible packaging business in India. With this acquisition, we are investing to sustain and accelerate the important momentum the operation has delivered over the past several years. The acquired facility's scalable structure, combined with the localization of new capabilities, further enhances the services we deliver to customers in this attractive market." Source