Amcor is set to double the size of its flexible packaging business in the Americas with the purchase of South American market leader Alusa for US$435 million.

Amcor created its Americas flexible packaging unit just 10 months ago and acquired California-based Deluxe Packaging earlier this year for US$45 million. CEO Ron Delia has stated that growth in South America is a priority for the company in order to serve its key customers, including Unilever, who are pursuing rapid growth in the region.

Alusa, which is being sold by Techpack SA and Nexus Private Equity, covers the Chilean, Peruvian, Argentinian and Colombian markets and will grow Amcor’s market share from less than five percent to almost 13 percent, increasing annual sales by US$375 million.

“With the creation of a new Flexibles Americas business group in July 2015, there was an expectation this business could accelerate growth in both North and South America,” said Delia in a statement. “It is pleasing that over a relatively short period of time, our flexible packaging sales in the region will almost double to nearly US$1 billion with the acquisition of Alusa, and the recently completed acquisition of Deluxe Packages in the USA. Alusa comes with a strong management team and provides a unique platform in an important growth region.”