Amcor to boost presence in Indian market with Phoenix Flexibles acquisition
Amcor, a globally renowned force in responsible packaging solutions (NYSE:AMCR, ASX:AMC), revealed its latest move to purchase Phoenix Flexibles, marking a pivotal stride in augmenting its stronghold in the rapidly advancing Indian arena. Located in Gujarat, Phoenix Flexibles’ establishment racks up an annual revenue nearing US$20 million through the sale of its flexible packaging, spanning food to personal care applications.
This strategic acquisition comes as a significant augmentation to Amcor’s already impressive four flexible packaging plants in India. Notably, over the preceding three years, the business has demonstrated a stellar double-digit organic sales surge annually, notably overshadowing the growth pace of the base market. Parallelly, Amcor is channeling resources to amplify its footprint in the vital Pharmaceutical and Medical packaging sectors by twofold.
Leveraging Phoenix Flexibles’ well-funded and optimally situated production unit, Amcor is set to upscale its production bandwidth instantaneously. This move caters to the persistently soaring demand and promises robust dividends for its investors. Further sweetening the deal, the acquisition infuses avant-garde film technology into Amcor’s arsenal. This translates to the local creation of an enriched array of eco-friendly packaging solutions. Moreover, it equips Amcor with the tools to diversify its product gamut, focusing on lucrative, high-value sectors.
Emphasizing the significance of this move, Amcor Flexibles Asia Pacific President, Mike Cash, articulated, “Our vision for substantial expansion of our flexible packaging venture in India gets a tangible boost with this acquisition. This investment resonates with the commendable traction our business has garnered over time. Phoenix’s scalable facility, married to our new localized capabilities, magnifies our customer appeal in this promising high-growth domain.”
The finalization of this acquisition hinges on standard closing protocols, with the anticipated completion slated for the third quarter of 2023.