Amcor has announced that it has entered into an agreement to acquire Souza Cruz's internal tobacco packaging operations located in Cachoeirinha, Rio Grande do Sul, Brazil for approximately BRL96m (€29m).
Souza Cruz is majority-owned by British American Tobacco plc and is the market leader in the Brazilian cigarette market, informs Amcor. The investment is supported by a long-term supply contract between Amcor and Souza Cruz and the business is expected to achieve annual sales of approximately BRL200m (€59m).
Closing of the acquisition is conditional upon approval from the Brazilian Anti-trust Authority ("CADE").
