Packaging company, Amcor (AMC) is to sell its two flexible packaging plants located in Sweden and United Kingdom to a Swedish equity group, Accent Equity 2008.
The plants are primarily invved in the production of unprinted films for the meat and fish segments and have combined sales of about €85 million.
Amcor did not disclose the sale price.
These divestments are part of the previously announced program of rationalisation and restructuring of the overall flexible operations in Western Europe.
Amcor said the primary objectives of this program are to strengthen market positions through better leverage of technology and manufacturing capabilities among others.
“The overall restructuring program continues to make solid progress and remains on target to deliver an estimated PBIT benefit of €30 million per annum for an estimated cash cost of €60 million, with the majority of the benefits realised in the 2009/10 financial year.
Amcor is one of the world’s largest packaging companies, offering its customers the highest standards in innovative packaging solutions, reliable service and partnerships built on excellence. It has 217 plants in 34 countries and is the world’s largest producer of PET containers. Amcor has a broad range of plastic, fibre, metal and glass packaging products;
Shares in AMC ended 6 cents up at $6.67.
