SANTIAGO – Chile’s TechPack, the investment vehicle of the Luksic Group in the packaging industry, said on Monday it reached an agreement to sell its Alusa flexible packaging unit to Australia’s Amcor Holdings for $435 million.
The sale covers Alusa S.A. and Inversiones Alusa, which owns 100 percent of the operations in Chile and Argentina under Aluflex, TechPack said in a filing with the Securities and Insurance Commission, or SVS.
Amcor Holdings is also acquiring a 50 percent interest in Peruplast and in Colombia’s Empaques Flexa, TechPack said.
Nexus Group, the other shareholder in the Peruvian and Colombian units, also sealed a deal with Amcor, which will control 100 percent of the two companies, TechPack said.
The deal, according to TechPack, will result in a $50 million pre-tax profit, “taking into account current market conditions, the exchange rate and other relevant factors.”
The agreement, which was signed in New York on Monday, is “recognition of Alusa’s successful international expansion,” which was launched several years ago, TechPack general manager Claudio Inglesi said.
Alusa is the main producer of flexible packaging in Latin America, posting sales of $376 million in 2015.
The company has four plants with installed capacity of more than 80,000 tons annually.