Staff
Thursday, April 9, 2015 10:30 am

BRAZIL (From the Finance News Network) - Amcor Limited says it has agreed to buy a tobacco packaging company in Brazil for A $39 million.

The company, Souza Cruz is majority owned by British American Tobacco and is a market leader in Brazil, the 12th largest tobacco market in the world.

The deal is supported by a long term supply contract between the two companies with Souza Cruz expected to achieve annual sales of around A $82 million.

The deal follows recent acquisitions in South Africa and China as Amcor seeks lifts profits via growth in emerging markets and an active acquisition strategy.

Amcor reported a net profit of A $409 million for first six months of the financial year.