April 18, 2016 / 12:22 PM / 2 years ago

Chile's Quinenco sells flexible bottle business in $435 million deal

SANTIAGO, April 18 (Reuters) - Chilean industrial and financial group Quinenco said in a note to regulators on Monday it would sell its flexible bottle operation to Amcor Holding, the world’s largest producer of flexible and rigid bottles, in a transaction worth $435 million.

Quinenco is the owner of Tech Pack, which participates in the flexible bottle business through its Alusa subsidiary in Chile and its Aluflex branch in Argentina. It also owns 50 percent of Peru’s Peruplast and Colombia’s Empaques Flexa.

“In this way, Tech Pack will stop direct or indirect participation in the production and commercialization of plastic bottles,” Quinenco said in the note.

The agreement is subject to approval by Chile’s competitive practices regulator and will require that Quinenco does not participate in the flexible bottle industry for three years.

Reporting by Antonio de la Jara; Writing by Gram Slattery; Editing by Bernadette Baum

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