Amcor Ltd. has bought Indian flexible packaging business Uniglobe Packaging Pvt. Ltd. for US$20.8 million.
With the acquisition, Melbourne-based Amcor now owns five manufacturing sites in India.
An Amcor statement said Uniglobe generates about US$21 million in annual sales and serves large, multinational customers in the food, personal-care and health-care end markets.
Uniglobe began operating in 1999 from a single plant in Daman, about 90 miles north of Mumbai. In 2008, it built a second plant in Daman. Sales have grown 20 percent during the last three years.
Amcor Managing Director and CEO Ken MacKenzie said it is an important opportunity to expand Amcor's footprint in the high-growth Indian market.
“Uniglobe comes with a strong management team and a track record of delivering significant annual sales growth.”
He said current management will remain with the business and “play a key role” in driving future growth in the Indian market.
It is Amcor's second recent acquisition. It had announced March 7 it would buy flexible packaging supplier Aperio Group Australia Pty. Ltd. for US$252.5 million. The deal was finalized May 7 after it was approved by Australia's competition watchdog, the Canberra-based Australian Competition and Consumer Commission.
Amcor is a global packaging company that manufactures PET containers for beverages; flexible packaging for the food and health-care markets; tobacco packaging; and corrugated boxes.