Amcor to acquire Phoenix Flexibles
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Phoenix Flexibles has one plant located in Gujarat, India, and the business generates annual revenue of approximately $20 million.
In a deal that expands its footprint in the Indian market, flexible packaging supplier Amcor is acquiring Phoenix Flexibles, which makes flexible packaging for food, home care, and personal care applications.
In a news release, officials with Ann Arbor, Mich.-based Amcor said that Phoenix Flexibles has one plant located in Gujarat, India, and the business generates annual revenue of approximately US$20 million.
Amcor currently has four flexible packaging plants in India, and Amcro says the business has delivered “double-digit organic sales growth per annum” over the last three years, significantly outpacing growth in the underlying market, and is also investing to double its local footprint in the pharmaceutical and medical packaging categories.
The addition of Phoenix Flexibles’ adds advanced film technology to Amcor’s product offerings, 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 Amcor news release said.
“Amcor continues to see substantial opportunities to grow our flexible packaging business in India,” said Amcor Flexibles Asia Pacific president Mike Cash. “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.”
The acquisition is expected to close in the September 2023 quarter.