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Amcor Ltd (ASX:AMC) has announced that it has reached an agreement to sell its Tobepal operations in Spain for Euro 92 million to Constantia Packaging AG.
The divestment was required by the European Commission at the time of approving Amcor's acquisition of parts of the Alcan packaging business.
Earlier this month Amcor acquired from Rio Tinto (ASX:RIO), the Alcan Medical Flexibles division for US$66 million.
Now that the European Commission has approved the divestment to Constantia, closing is expected within the coming months.
Amcor says the business sold is expected to have earnings before interest and tax for fiscal year 2009/10 of Euro 11 million and sales of Euro 103 million.
Amor reported a profit of $211 million for the year ending 30 June 2009
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