Amcor has picked up India-based flexible packaging business Uniglobe for $19.8m, in a move expected to expand Amcor’s existing footprint in India, a strategic high growth market for the flexibles packaging business.
In a statement to the ASX, Amcor says the Uniglobe business is strongly aligned with its existing business, servicing large multi-national customers within the food, personal care and health care end markets. Current management will remain with the business.
The expanded management team will play a key role in supporting future growth in the Indian market, according to Amcor.
Uniglobe generates annual sales of approximately $20m, and was established in 1999 with a single plant located in Daman, 150 kilometres north of Mumbai. A second Daman based plant was commissioned in 2008, supported by strong sales growth of over 20 per cent in the last three years.
Ken MacKenzie, managing director of Amcor says, “This is an important opportunity to expand Amcor’s footprint in the high growth Indian market. The Uniglobe business comes with a strong management team, and a track record of delivering significant annual sales growth.”
After finalising the transaction, Amcor’s new combined Indian business will consist of five manufacturing sites.