Australian packaging company Amcor has reportedly entered talks to finalise the acquisition of American flexible packaging firm Bemis, according to people familiar with the matter.
Amcor requested the Australian stock exchange for the trading halt giving air to the speculations.
Amcor said in a statement: “The trading halt is requested pending an announcement by Amcor in relation to an all-stock acquisition that is under consideration by Amcor.”
Last year, reports emerged noting that Amcor is in talks to buy Bemis for $7bn to expand its presence in the US.
Bemis creates packaging for food, consumer product, healthcare and industrial applications.
The company reported net sales of $1.033bn for the second quarter ending 30 June 2018, compared to $1.012bn for the same period last year.
Bemis president and CEO William Austen said: “We delivered strong earnings this quarter and continued to make progress on Agility, which is our plan to fix, strengthen, and grow our business.
“Operating profit increased $20m compared to last year, with strong improvement in all of our business segments.”
In May last year, Amcor Rigid Plastics USA acquired Colombia’s Plasticos Team from Team Foods Colombia for an undisclosed sum.
The deal covered a Plasticos Team facility situated in Guachene, Colombia, and has enabled Amcor to expand its speciality container business in Latin America.
Plasticos Team currently produces and distributes preforms, bottles, thin-wall containers, and closures.
Amcor, which operates in more than 40 countries throughout more than 180 sites, supplies rigid and flexible packaging solutions.