Amcor to spin off Aust packaging arm
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Amcor is spinning off its Australian packaging arm and will list it on the Australian Securities Exchange, saying the move will "allow each company to better pursue their own growth agendas and strategic priorities".
Chris Roberts will be made chairman of the demerged Australasia and Packaging Distribution (AAPD) business.
Nigel Garrard, the president of AAPD, will be made chief executive.
Amcor specialises in flexibles and rigid plastics segments globally, while AAPD operates in the fibre, glass and beverage can packaging markets in Australasia and packaging distribution in North America and Australia (See Cliona O'Dowd's Collected Wisdom).
Amcor chief executive Ken MacKenzie said that “although Amcor and AAPD are both packaging companies they are actually very different in terms of product segments and geographic focus".
Amcor got 24% of its revenue in 2011-12 from AAPD.
He said Amcor had poured more than $1 billion into AAPD over the past six years, including building a recycled paper mill at Botany, a furnace at the glass bottle plant at Gawler and a new beverage can line in New Zealand.
The demerger would be run through a capital reduction and scheme of arrangement.
Amcor expected the demerger to occur in December 2013, subject to shareholder, court and other approvals.
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