In a statement, Amcor said the sites were acquired as part of the Aperio acquisition and focused on non-core industrial and agricultural markets.

Integrated Packaging is a privately-owned Australian business. It is a specialist manufacturer and distributor of stretch film wrap and associated products

The sale price was based on the same earnings before interest, tax (EBITDA) multiple that Amcor paid for Aperio.

“Synergies from the Aperio acquisition are not impacted by the sale and remain at $25 million by year three,” Amcor said in a statement.

The sale is subject to Australian Competition and Consumer Commission approval.

It comes after the release of Amcor’s annual report that showed chief executive Ken MacKenzie obtained a $1m pay rise and took home $7.5m last financial year.