Amcor Acquires Hebei Qite Packing in Northern China
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Amcor, Australia, this week announced an expansion of its flexible packaging platform in the strategically important Northern China region, with the RMB 185 million ($28 million) acquisition of Hebei Qite Packing Co. Ltd. (Qite).
Qite has one plant located in Hebei, North China, and the business generates sales of more than RMB 180 million ($28 million) from the sale of flexible packaging products to large domestic customers within the dairy and food segments.
Amcor currently has a total of 11 flexible packaging plants in China, including two plants in close proximity to Qite in Northern China. Once fully integrated, Amcor will have an even stronger platform to grow the business in this region. Inclusive of synergy benefits, this acquisition will generate strong returns for shareholders within three years, the company noted.
Amcor's Managing Director and CEO Ron Delia said that "Amcor continues to have substantial opportunities to grow our flexible packaging business in the Asian region. Globally and especially within Asia, China is a very attractive growth market for flexible packaging. This acquisition will enhance our already attractive platform for growth with new and existing customers in the important Northern region."
The acquisition remains subject to regulatory approvals.
