Paper giant pushes deeper into india

Published in the Herald Sun, July 2015

Packaging giant Amcor has deepened its push into India, snapping up Packaging India Private for $US26.4 million ($35.65 million).

Amcor already has four flexible packaging plants in India’s north and west and the latest acquisition expands its footprint into the country’s south.

PIPL, which produces flexible packaging mostly for the food and personal care markets, boasts annual sales of about $US40 million.

Amcor shares closed up 35c, or 2.6 per cent, at $13.83.

The deal came as the Australian share market gained almost 2 per cent on the back of an accord between Greece and its eurozone creditors.

The big miners led the way, with a sharp fall in China’s Shanghai Composite index failing to dampen the mood of local investors.

Wealth Within analyst Janine Cox said the good day on the market was due to a combination of factors.

“There was a pleasing response to the news on Greece and positivity around the start of the reporting season in the US,”

Ms Cox said. “Indonesia’s decision regarding Australian livestock was not a major issue but may add to concerns of investors.”

The benchmark ASX 200 index closed up 104.2 points, or 1.9 per cent, at 5577.4 points while the broader All Ordinaries index was 101.5 points, or 1.9 per cent, higher at 5561.9.

In the resources sector, global miner BHP Billiton was up 69c, or 2.6 per cent, at $27.10, Rio Tinto put on $1.74, or 3.4 per cent, to $53.27, and Fortescue Metals gained 1.5c to $3.41.

Among the major banks, ANZ was up 30c at $32.20, and the Commonwealth Bank rose $1.07 to $86.25.