Amcor announced that it has agreed to acquire select printing assets of AGI-Shorewood's Tobacco Packaging and Specialty Folding Carton Operations for US$114.8m. The acquired business has plants or assets in each of South Korea, USA, Mexico and China.
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The acquisition excludes the AGI-Shorewood plant in Smiths Falls, Canada. For the 2012 calendar year the acquired business had sales of US$126.0m and EBITDA of US$22.0m. The EBITDA purchase multiple is 5.2 times based on the last 12 months of earnings.Net synergy benefits are anticipated to be approximately US$13.0m and the net cash cost to achieve these synergies is expected to be approximately US$20.0m. The acquisition is expected to deliver a return on investment of more than 20% by the end of year three.
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