Australian packaging group Amcor Ltd has sold its European PET bottle-making business for ˆ425m to La Seda de Barcelona, which recently rebranded its bottle polymer and feedstock activities under the Artenius name.
Amcor announced its intention to divest the business in February, as part of a strategic sell-off expected to raise more than A$1bn (ˆ600m).
Speculation linking a sale to the Spanish plastics producer snowballed in recent weeks when La Seda shareholders agreed to a ˆ440m increase in the group’s capital base.
The unaudited financials provided by Amcor said the European PET business had revenues of ˆ545m, an EBITDA of ˆ60m and EBIT of ˆ38m.
Amcor’s European PET bottle business is based on Germany’s Schmalbach-Lubeca network acquired five years ago for ˆ1.73bn. The deal included the major US operations bought by Schmalbach-Lubeca in 1997 from Johnson Controls. The 2002 Amcor transaction also covered Schmalbach’s white cap closure business.
La Seda’s recent acquisitions include Eastman’s San Roque PET business. The Amcor purchase marks a shift in strategy, taking Europe’s biggest PTA and PET maker downstream into bottle blowing.
Australian packaging group Amcor Ltd has sold its European