Australian packaging company Amcor said Friday it will buy a plastic container manufacturing business from US-based Sonoco Products Company for $280 million.

The acquired business, Sonoco Specialty Containers, makes moulded packaging for food, drink and pharmaceuticals, Amcor said in a statement. It will expand Amcor's rigid plastics division and allow the company to access US customers, Amcor said.

"Part of our strategy to grow this business includes acquiring specialized manufacturing capabilities which unlock further growth," Amcor chief executive Ron Delia said in the statement.

The acquisition remains subject to approval from US regulators. – Reuters