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Amcor Limited (ASX:AMC) says it has agreed to buy a tobacco packaging company in Brazil for $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 $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 $409 million for first six months of the financial year.
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