Australia-based international packaging giant Amcor has agreed to buy Constar International Holdings' US assets for an undisclosed sum
Giant packaging firm Amcor has entered an agreement to acquire the assets of Constar International Holdings in the United States. The value of the said transaction is yet to be finalized, according to Herald Sun.
Constar is a company that manufactures plastic food and drink containers across the US and Europe. The firm has filed for bankruptcy in the US, the report said.
In a statement on Friday, Amcor said Constar's US business operates six plants. The statement also said the US plants have annual sales amounting to around $190 million. According to Amcor, the said assets are an attractive addition to the packaging giant's rigid plastics business, the report detailed.
Under the US Bankruptcy Code, the acquisition deal will go through a court-supervised process. The said process is expected to close in early 2014, the report stated.
Amcor said more details on the acquisition would be released to the market after the bankruptcy process is concluded. The details would include the final acquisition price, Herald Sun reported.