Packaging company Amcor has announced the sale of its flexible packaging plants in Australasia to Integrated Packaging for $22m.
According to Amcor, the sites were purchased as part of the Aperio acquisition and concentrated on non-core industrial and agricultural markets.
Integrated Packaging is an Australian business and the transaction is subject to Australian Competition and Consumer Commission (ACCC) approval.
The sale consideration was based on the same earnings before interest, taxes, depreciation, and amortization (EBITDA) multiple as the company paid for Aperio.
Synergies from the acquisition of Aperio, which are not impacted by the sale, remain at $25m by year three.