Amcor has acquired Toronto-based rigid plastics manufacturer Plastic Moulders for the sum of US$30 million (CAD38 million).
“This acquisition will continue our growth strategy,” said Mike Schmitt, Amcor Rigid Plastics President. “Plastic Moulders’ technologies and superior technical capabilities will strengthen our business portfolio. We will be able to offer additional innovative products and services to customers globally.”
Plastic Moulders specializes in design, engineering, molding and assembly services for the FMCG industry, including the health, beauty and pharmaceutical markets, in North America. The company boasts sales of approximately CAD35 million, and operates a single plant in Toronto.
Amcor CEO and Managing Director, Ron Delia, said, “The Amcor Rigid Plastics business has significant growth opportunities in market segments outside of the traditional non-alcoholic beverage markets. Our strategy to grow this business includes acquiring companies like Plastic Moulders that provide specialised manufacturing capabilities, which will enable Amcor to broaden our product offering for the benefit of current and future customers.
“Total sales into these markets are approximately $500 million inclusive of Plastic Moulders sales, and there are significant opportunities to build on this position with organic growth and further acquisitions.
“We welcome Plastic Moulders to the Amcor portfolio and are confident that this acquisition will generate strong returns for shareholders.”