What: Shares in Amcor Limited (ASX: AMC) have jumped around 2% in early trade on Tuesday morning after the global packaging giant announced a US$435 million acquisition agreement late yesterday.

So What: The deal will see Amcor acquire Alusa, the largest flexibles packaging business in South America with manufacturing operations across Chile, Peru, Colombia and Argentina.

According to the ASX release, Alusa generates sales of approximately US$375 million from the supply of flexibles packaging into the food, personal care, and pet food markets.

The acquisition price has been struck at a multiple of 8.5 times profit before interest, tax, depreciation and amortisation with management suggesting that US$25 million in synergies will be extracted from combining the two companies.

Now What: In making the case for the acquisition of Alusa, Amcor noted that it expected the return on cash invested to reach approximately 15% by the end of the third year of ownership, with a five-year goal of 20%.

Despite Amcor’s size – the group has a market capitalisation of nearly $18 billion – the returns expected to be generated by this acquisition suggest that Amcor remains a stock with significant growth potential.

Likewise, Orora Ltd (ASX: ORA) which was demerged from Amcor in 2013 and Pact Group Holdings Ltd (ASX: PGH) which undertook an initial public offering in 2013 are two smaller packaging companies which also have plenty of growth potential. Orora has a market capitalisation of $3.1 billion, while Pact Group has a market capitalisation of just $1.5 billion.

Given the defensive revenue bases of these three packaging companies – they are all major suppliers into the fast moving consumer goods sector – long-term conservative investors who are seeking reliable dividend payments could consider them for inclusion in their portfolios.

NEW: The Motley Fool's Top Fully Franked Dividend Share For 2016

Forget BHP and Woolworths there are better alternatives available. This "dirt cheap" company. is growing like gangbusters, and trading on a 5.6% dividend yield, FULLY FRANKED (8% gross). With interest rates set to stay at these low levels for years to come, for income-hungry investors, including SMSFs, this ASX company could be the "Holy Grail" of dividend plays for 2016. Click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor Tim McArthur has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.