As per industry reports, Amcor has entered into an agreement to acquire Phoenix Flexibles, in order to expand its capacity in the high-growth Indian market.

Phoenix Flexibles has one plant located in Gujarat. The business generates annual revenue of USD 20 million from the sale of flexible packaging for the food, home care and personal care applications.

As readers of WhatPackaging? magazine are aware, Amcor has four flexible packaging plants in India. The business has delivered double-digit organic sales growth per annum over the last three years.

The addition of Phoenix Flexibles’ strategically-located production facility will increase Amcor’s capacity to satisfy high demand and drive strong returns for shareholders. The acquisition also adds advanced film technology, enabling local production of a broad range of sustainable packaging solutions, and brings capabilities allowing Amcor to expand its product.

The companies have not disclosed the financial details of this deal.

The transaction is expected to be completed in September this year; and is subject to customary closing procedures.

Meanwhile, Amcor has registered a generally accepted accounting principle (GAAP) net income of USD 1.48 billion during the financial year 2023 (FY23), as compared to USD 805 million in the previous year.

Amcor CEO, Ron Delia said: "Throughout fiscal 2023, our teams did an excellent job proactively recovering inflation and reducing costs in a highly challenging environment."