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Amcor sells three packaging plants for $22 million

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Packaging company Amcor has sold three of its flexible packaging plants in Australasia to Integrated Packaging for $22 million.

Amcor said the sites were acquired as part of the Aperio acquisition and focused on non-core industrial and agricultural markets.

Integrated Packaging is a privately owned Australian business.

The sale price was based on the same earnings before interest, tax (EBITDA) multiple that Amcor paid for Aperio.

“Synergies from the Aperio acquisition are not impacted by the sale and remain at $25 million by year three,” Amcor said in a statement.

The sale is subject to Australian Competition and Consumer Commission approval.

It comes after the release of Amcor’s annual report that showed chief executive Ken MacKenzie enjoyed a $1 million pay rise and took home $7.5 million last financial year.