Amcor buys Schmalbach-Lubeca

- Last updated on GMT

Related tags: Management, Amcor

Australian packaging company Amcor has said it plans to buy the
polyethylene container and closure assets of Germany's
Schmalbach-Lubeca for A$2.875 billion (€1.7bn).

Australian packaging company Amcor has said it plans to buy the polyethylene container and closure assets of Germany's Schmalbach-Lubeca for A$2.875 billion (€1.7bn).

Amcor said the deal would boost its annual sales by A$3.3 billion to nearly A$11 billion.

"Amcor is purchasing an extremely well managed business with an excellent track record of growth. The plants are well capitalised with modern equipment and efficient manufacturing processes,"​ Amcor's managing director Russell Jones said.

He said Amcor would sell its 45 per cent stake in Kimberly-Clark Australia to US-based Kimberly-Clark for AUD$700 million as well as issuing shares and debt to fund the purchase in Germany.

Schmalbach-Lubeca, the world's largest maker of polyethylene packaging, is based in Ratingen, western Germany.

Related topics: Processing & Packaging

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