Packaging firm Amcor has agreed to acquire India's Phoenix Flexibles, a maker of flexible packaging for food, home care and personal care products.
Currently, Amcor has four flexible packaging plants in India, and the business has delivered double-digit organic sales growth per annum over the last three years.
It is also investing to double its local footprint in the pharmaceutical and medical packaging categories.
President of Amcor Flexibles Asia Pacific, Mike Cash, said, "Amcor continues to see substantial opportunities to grow our flexible packaging business in India. With this acquisition, we are investing to maintain and build upon the significant momentum the business has delivered over several years.
"The scalable nature of the acquired facility, combined with the localisation of new capabilities, further enhances our customer value proposition in this attractive high-growth market."
Gujarat-based Phoenix Flexibles generates annual revenue of approximately US$20 million (€18.3 million) from the sale of flexible packaging.
The acquisition will allow Amcor to increase its capacity to meet its customers' demands and drive returns for shareholders.
The deal will also see the addition of advanced film technology, facilitating local production of a range of more sustainable packaging solutions. It will enable Amcor to expand its product offering in high-value segments.
Last month, Amcor announced an investment in a new production line for manufacturing shrink bags and films for meat and cheese at its Amcor Flexibles plant in Swansea, UK.
The new shrink bags and films offer a more sustainable alternative to existing solutions, with a high barrier PVdC-free formulation and thinner material, the company noted.