Amcor to acquire Chinese flexible packaging firm Hebei Qite Packing
Australia’s Amcor has agreed to purchase China-based company Hebei Qite Packing (Qite), with an aim to expand its flexible packaging business in the Northern China region.
Australia’s Amcor has agreed to purchase China-based company Hebei Qite Packing (Qite), with an aim to expand its flexible packaging business in the Northern China region.
Amcor currently operates 11 flexible packaging plants in China.
Following regulatory approval, the RMB185m ($28m) deal is expected to provide considerable benefits to Amcor shareholders over a three-year period.
Amcor managing director and CEO Ron Delia said: “Amcor continues to have substantial opportunities to grow our flexible packaging business in the Asian region.
“Globally and especially within Asia, China is a very attractive growth market for flexible packaging.
“This acquisition will enhance our already attractive platform for growth with new and existing customers in the important Northern region.”
"This acquisition will enhance our already attractive platform for growth with new and existing customers in the important Northern region."
Separately, the company has acquired Sonoco Products Company’s North American rigid plastics blow moulding operations.
The $280m acquisition comprises Sonoco’s six rigid plastic container production facilities in the US and one in Canada.
The deal, which expands Amcor’s specialty container manufacturing capabilities, is expected to expand the company's customer base.
With around 29,000 employees, Amcor currently provides rigid and flexible packaging solutions for the food, beverage, healthcare, home and personal care and tobacco packaging industries.
The company has more than 180 sites across more than 40 countries worldwide.
Image: Amcor aims to expand its presence in Northern China region with its Hebei Qite Packing (Qite) acquisition. Photo: courtesy of Amcor.