Amcor has signed an agreement to acquire India-based flexible packaging company, Phoenix Flexibles, for an undisclosed amount.
Phoenix Flexibles operates a single facility located in Gujarat, India. The company’s operations generate annual revenue of approximately $20 million from the sale of flexible packaging for food, home care and personal care applications.
The acquisition will expand Amcor’s capacity in the high-growth Indian market. It will also introduce advanced film technology, facilitating the local production of a broader range of environmentally conscious packaging solutions. Furthermore, it will provide Amcor with the capacity to expand its product portfolio into “attractive high-value segments”.
Amcor Flexibles’ Asia Pacific president, 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.”
He continued: “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”.
The deal, which is subject to customary closing procedures, is expected to close next month.
By Rafaela Sousa
Source: foodbev.com
Researchers have developed a new chemical process capable of vaporizing plastics and converting them into hydrocarbon building blocks for new materials. This catalytic process breaks down two of the most dominant types of post-consumer plastic waste — PE and PP — into monomers, offering a potential solution to packaging waste management.
On 2 September 2024 it has been agreed that Heikki Malinen will assume the role of Neste’s President and CEO on 15 October 2024. He succeeds Matti Lehmus, who will continue as the President and CEO of Neste until 14 October 2024 and then act as an advisor to the company and its management until mid-November 2024 to ensure a smooth transition.
Eni SpA (Rome) and Azerbaijan’s state energy company Socar (Baku) have signed a memorandum of understanding (MOU) for potential cooperation in the biofuels production chain, including the possible conversion of conventional crude oil refineries into biorefineries. A schedule for potential projects was not given.
