{"id":3557,"date":"2024-11-01T09:05:08","date_gmt":"2024-11-01T13:05:08","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=3557"},"modified":"2024-11-01T09:05:08","modified_gmt":"2024-11-01T13:05:08","slug":"amcor-agrees-to-divest-50-stake-in-bcna-joint-venture-for-122m","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=3557","title":{"rendered":"Amcor agrees to divest 50% stake in BCNA joint venture for $122m\u00a0"},"content":{"rendered":"


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Amcor forecasts the sale to have no impact on its FY25 outlook. Credit: Amcor.<\/figcaption><\/figure>\n<\/p><\/div>\n

Packaging company Amcor has entered into an agreement to sell its 50% interest in the Bericap North America (BCNA) joint venture (JV) for $122m.\u00a0<\/p>\n

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BCNA was established by its\u00a0equal JV partners Amcor Rigid Packaging and Germany-based Bericap in 1997.\u00a0<\/p>\n

The JV operates three facilities across the US, Canada, and Mexico, producing closures for various markets such as food and beverage.<\/p>\n

In fiscal year 2024 (FY24), BCNA reported sales of approximately $190m and adjusted earnings before interest and taxes of approximately $19m, both fully consolidated within Amcor\u2019s Rigid Packaging division.\u00a0\u00a0<\/p>\n

Amcor\u2019s adjusted net income attributable to the JV stood at approximately $8m.\u00a0<\/p>\n

The transaction is expected to close by 31 December 2024, with no significant impact on Amcor\u2019s FY25 financial outlook.\u00a0<\/p>\n

The cash proceeds from the sale will be utilised to lower Amcor\u2019s debt.\u00a0\u00a0<\/p>\n

Amcor CEO Peter Konieczny said: \u201cWe\u2019ve had a long and respectful relationship with Bericap over the past 27 years. At this juncture, we have chosen to unwind the joint venture given differing views on near-term capital requirements and resulting returns.\u00a0<\/p>\n

\u201cWhile Amcor continues to operate in the closures space as it remains a category of interest, we are committed to maintaining our disciplined approach to capital allocation. We thank the Bericap team for the many years of partnership and we wish them well for the future.\u201d\u00a0<\/p>\n

Last month, Amcor reported a 9% reduction<\/a> in absolute greenhouse gas emissions for 2024.\u00a0\u00a0<\/p>\n

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