Amcor has completed the sale of its 50% interest in Bericap North America (BCNA) to Germany-based Bericap for $122m to reduce the company’s debt.
The deal was first reported in October this year.
Set up in 1997, BCNA is a joint venture established by Amcor Rigid Packaging and Bericap.
It operates across three facilities in the US, Canada, and Mexico by producing closures for various markets such as food and beverage.
In the fiscal year 2024, BCNA reported sales of approximately $190m and adjusted earnings before interest and taxes of around $19m, fully consolidated within Amcor’s Rigid Packaging division.
At the time of deal signing, Amcor CEO Peter Konieczny said: “Amcor continues to operate in the closures space as it remains a category of interest.”
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By GlobalData
Amcor’s adjusted net income attributable to the joint venture was nearly $8m.
The cash proceeds from the sale will be utilised to reduce Amcor’s debt, which stood at $6.87bn with a leverage ratio of 3.5 times as of 30 September 2024, slightly impacted by adverse currency exchange rates.
Additionally, Amcor reported a 3% decrease in net sales for the first quarter of fiscal year 2025, with figures dropping to $3.35bn from $3.44bn in the corresponding period of the previous year.
In November, Amcor entered a collaboration with Kolon Industries to develop sustainable polyester materials for its flexible packaging business.
It is said to enhance packaging sustainability by leveraging Amcor’s packaging expertise with Kolon’s “high-polymer” manufacturing technology.
Amcor, with operations spanning 212 locations in 40 countries, specialises in developing and producing packaging solutions for industries including food, beverage, pharmaceutical, medical, home and personal care products.
