Amcor buys Wayne Richardson Sales June 29, 2012 09:05 AM
Packaging manufacturer Amcor Limited (ASX:AMC) has bought one of the largest independently owned packaging distributors in Australia, Wayne Richardson Sales. While the value of the deal has not been disclosed Wayne Richardson Sales is understood to have sales of about $50 million, more than 2,700 customers and eight distribution centres across Australia. Amcor expects its latest acquisition to deliver returns in excess of 20 per cent by year three and believes it will strengthen the company’s market position. Managing Director Ken MacKenzie says the combined business will provide new products as well as extra services and enhanced technical support for customers. Last month a Deutsche Bank analyst told The Australian Amcor is well positioned for mergers and acquisitions with an estimated balance sheet capacity of $1.7 billion. In the first half of its 2012 financial year Amcor posted a net profit of $215.6 million.