Australian packaging giant Amcor revealed earlier today [Tuesday] that it is preparing to buy out Spanish firm Tobepal for an undisclosed amount.
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Tobepal, the flexible-packaging and extrusion operations arm of the Tobepal Group, operates three plants in Spain and generates combined annual sales of US$65.9m.
Amor said that the transaction, subject to regulatory approvals, represents an EBITDA multiple of 6.2 times the last year’s earnings. It also represents a move towards consolidation in the packaging industry, and the ongoing expansionist strategy of Amcor.
Amcor CEO Russell Jones told Dow Jones: “Both technically and geographically, [Tobepal] is a strong fit with our businesses in southern Europe, and strategically it gives us an increased market share in the lower-cost region of Europe.”
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