Benzinga | Jan 20, 2022 06:10AM EST

Amcor Makes $5M Strategic Investment In PragmatIC Semiconductor

* Amcor PLC (NYSE:AMCR) has made a $5 million strategic investment in an ultra-low-cost flexible electronics company, PragmatIC Semiconductor.

* Amcor's investment was part of the Series C funding round of more than $90 million for PragmatIC Semiconductor.

* PragmatIC's ConnectIC family of radio frequency identification and near-field communications (RFID/NFC) integrated chips can be embedded into the packaging to store and relay information to devices such as smartphones.

* "We are delighted to partner with PragmatIC Semiconductor to explore ways to leverage and integrate these flexible, integrated circuits into our portfolio of more sustainable packaging solutions," said Frank Lehmann, VP of Open Innovation and Corporate Venturing at Amcor.

* Price Action: AMCR shares closed higher by 1.06% at $12.41 on Wednesday.