Amcor Launches Orora Following Demerger
Global packaging giant Amcor will call its demerged Australasia and Packaging Distribution (AAPD) business "Orora".
Amcor expects that the demerger of Orora will become effective on December 17 should shareholders approve it, and Orora will start trading as a separate company on the Australian Securities Exchange on December 18.
Amcor chairman Chris Roberts unveiled the new name for AAPD at Amcor's annual general meeting.
Amcor announced in August that it would split AAPD from the rest of its operations.
Orora will focus on the fiber, glass and beverage can packaging markets in Australia and New Zealand, plus packaging distribution in North America and Australia.
The new Amcor will focus on making flexible and rigid plastic packaging and tobacco packaging mostly for overseas markets.
Amcor chief executive Ken MacKenzie says Amcor's trading in the first quarter of the current financial year had been broadly consistent with the expectations outlined at its full year results in August. According to MacKenzie, volumes in developed markets remained subdued, but there continued to be good growth in emerging markets.
"Overall, it is anticipated that the benefits from recent acquisitions, growth in emerging markets and cost-reduction initiatives will combine to deliver another year of higher earnings," he says.
Shares in Amcor were 2.5 cents lower at $10.605 at 1147 AEDT.
Amcor
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