Caxton Announces The Acquisition Of Amcor Operations In Cape Town And Gqeberha
Caxton Announces The Acquisition Of Amcor Operations In Cape Town And Gqeberha. Caxton has announced that its subsidiary, CTP Limited (“CTP”), has concluded an agreement for the acquisition of the Amcor Cape Town Bag in Box and Pouching operations and the Amcor Port Elizabeth operations in South Africa.
Amcor will sell its operations and properties in Cape Town and Port Elizabeth to CTP for a cash consideration of R90m million. Amcor plc is a global packaging company. It develops and produces flexible packaging, rigid containers, specialty cartons, closures and services for food, beverage, pharmaceutical, medical-device, home and personal-care, and other products.
The Amcor operation in Cape Town produces bag-in-a-box bladders and is a complementary, natural fit with the CTP cartons operation in Epping that produces bag-in-a-box cartons for the wine industry, a sector which is showing increasing growth. A further benefit is that the Amcor Cape Town factory is almost adjacent to CTP’s flexibles business in Ndabeni. The Amcor operation in Port Elizabeth extrudes film, slits and embosses liners for the automotive tyre industry and has produced consistent results for the past few years.
The acquisition continues CTP’s strategic intent to entrench its footprint in the South African packaging landscape by expanding on its existing packaging product portfolio. The CTP packaging portfolio has experienced recent pleasing growth and this acquisition, together with increases in wet-glue beer label demand and other innovations in folding cartons, is expected to contribute a substantial increase in CTP’s turnover in the packaging division in the next financial year.
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