Australian packaging company, Amcor Ltd
(ASX:AMC), is seeking to expand in China, by purchasing a packaging company, in the northern region of Hebei, for US$28 million.
Amcor has acquired the Hebei Qite Packaging Co Ltd, which it says, earns over US$28 million, by selling flexible packaging products to large domestic customers in the dairy and food segments.
The Australian company says it currently has a eleven flexible packaging plants in China, and is expecting the synergy benefits of this acquisition to generate strong returns within 3 years.
The acquisition is currently subject to regulatory approval.
Amcor posted a net profit of $368.4 million at 30 June 2016.
