Converting

Amcor's PET production plants could be sold to La Seda de Barcelona, two months after the Australian packaging group said it wanted to sell its European operations.

The Spanish plastics producer’s board yesterday (May 9) approved a second capital injection in 12 months.

The £300m (€440m) boost, which is subject to shareholder approval in June, would help pay for its ambitious expansion and acquisition plans.

As well as the possible purchase from Amcor, the extra funds will also help finance La Seda’s acquisition of three PET plants from Eastman Chemical, including one in Workington.

La Seda has also bought a number of PET production plants in Italy and Greece.

As well as selling its PET plants, Amcor is restructuring its European flexible packaging operations, which include 11 plants in the UK, to shift more production to low-cost countries.