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Global paper and packaging firm Amcor has wound up its A$1 billion-plus asset disposal programme with the sale of its European plastic container business to a Spanish company for almost ¬425 million ($741 million).
Amcor agreed to sell its European PET division to La Seda de Barcelona, a company which produces and distributes artificial and synthetic fabrics and yarn such as polyester, polythene and viscose.
The deal is due to be finalised in the third quarter of this calendar year, taking Amcor's total asset sales to almost A$1.1 billion since the asset disposal programme was launched almost two years ago in August 2005.