Highlights: » Reported net sales of $1,618 million for the September 2016 quarter and record fiscal 2016 net sales of $6,489 million » Recorded operating income of $151 million in the September 2016 quarter, an increase of 41 percent compared to the prior year quarter » Recorded net income of $77 million or $0.61 per diluted share and increased adjusted net income per diluted share by 46 percent in the quarter to $0.73 » Posted operating EBITDA of $301 million (18.6 percent of net sales) in the September 2016 quarter compared to $205 million (17.1 percent of net sales) in the prior year quarter » Generated $290 million of cash flow from operations in the September 2016 quarter compared to $245 million in the prior year quarter. click Read More below for additional detail
Amcor Limited (ASX: AMC) and Bemis Company, Inc. (NYSE: BMS) announce that further, important progress has been made towards completion of their all-stock transaction, with the filing of shareholder documentation and finalisation of Board of Director and Senior Leadership appointments.
The combination of the two complementary companies offers a transformational and unique opportunity to create the global leader in consumer packaging, with the footprint, scale and capabilities to deliver an industry leading value proposition for customers and employees, and the most significant innovations for the environment.
Substantial value is expected to be created for shareholders through the delivery of USD 180 million in pre-tax annual net cost synergies2, and a stronger financial profile going forward, including higher margins and cash flow and the potential for even stronger growth. Amcor intends to maintain a competitive, progressive dividend which is expected to increase over time and will have a strong investment grade balance sheet with immediate capacity for further investment or share buy backs.
The combination is unanimously recommended by the Boards of Directors of both companies.
Amcor CEO Ron Delia said: “Since announcing this transaction, we have made significant progress towards closure, and further important steps have been taken today with the finalisation of Board of Director and Senior Leadership appointments as well as shareholder documentation filings. As we approach the closing of the transaction, the opportunities to further strengthen our industry leading value proposition for customers, employees and the environment and to create value for shareholders are even clearer.”
Bemis President and CEO Bill Austen said: “We are one step closer to combining our two companies to create the global leader in consumer packaging. Bemis and Amcor are highly complementary organizations that each possess extraordinary talent, and we are confident that together, we will create an even stronger global enterprise that will benefit our shareholders, employees, and customers over the long term. This is the next exciting chapter for Bemis, and our teams will carry forward the Bemis legacy as they showcase their talents, knowledge, and passion for our customers and inspired packaging solutions.”
more at: https://investors.bemis.com/press-release/amcor-and-bemis-announce-important-progress-towards-transaction-closing