amcor, which is one of the world&rsquos largest packaging companies, has declared the sale of its three flexible packaging plants that are located in australia. the three plants, which are put on for sale, are the flexibles packaging plants of amcor located in kirrawee nsw, cheltenham vic and chester hill nsw. the plants were purchased as part of the aperio acquisition and focused on agricultural and noncore industrial markets. these packaging plants have been sold out to integrated packaging. integrated packaging is a privatelyowned australian business. this transaction is subject to accc approval. the consideration of sale is 22 million and was founded on the same earnings before taxes, interest, amortization and depreciation ebitda multiple as amcor paid for aperio. ipg is australia&rsquos biggest specialist distributor and manufacturer of stretch film wrap and related products. the purchase will strengthen ipg&rsquos growth stratagem in agricultural and industrial packaging, as well as growing ipg into converting, printing, and pvc food films. the purchase will be successful on the completion of the sale. however, as part of the sale agreement, amcor flexibles australasia will keep providing few services for ipg for a middle period. amcor acquired aperio, formerly a leading packaging competitor of amcor, earlier this year after the accc approved the takeover in a statement that said they had considered there &ldquowould be a number of competitors to amcor limited, particularly in the overseas market.&rdquo in a statement ceo and managing director ken mckenzie mentioned that the year had signified a &ldquorecord returns and record underlying profit.&rdquo mr mckenzie further mentioned that, in the current year, it is likely that turnover will again be flexible and that the advantages from recent acquisitions, cost reduction initiatives, expansion in emerging markets as well as continued strong cash focus will unite to deliver another year of high earnings, expressed in steady currency terms. due to the sale, synergies from the aperio acquisition are not impacted and stay at 25 million by year three. similarly, the brand and amcoraperio name will remain the assets of amcor ltd, unchanged by the sale. source of information httpwww.ausfoodnews.com.au20121017amcorsellsthreenoncoreflexiblepackagingpl…
