Graphic Packaging Holding Company announced that its wholly owned subsidiary, Graphic Packaging International, LLC, has agreed to acquire substantially all the assets of PFP, LLC and its related entity PFP Dallas Converting, LLC. PFP is an independent converter focused on the production of paperboard-based air filter frames, and operates two manufacturing facilities in Lebanon, Tennessee and Lancaster, Texas. Click Read More below for additional information.
Amcor’s CEO Mr Ron Delia said: “Amcor had a good first half year with earnings growth in line with our expectations and balanced across the Flexibles and Rigids packaging segments. Cashflow and the balance sheet also remained strong and the interim dividend increased to 21.5 US cents per share.
“Some of the highlights within Amcor over the last six months include further improvements in our world class safety performance, with the number of recordable cases decreasing by 20% compared with last year, continued sales growth with multinational and regional customers and in healthcare packaging globally and strong earnings growth in emerging markets.
“We remain on track to deliver against the full year outlook we provided in August 2018, which has not changed. In the 2019 financial year we expect both the Flexibles and Rigids segments to achieve solid underlying earnings growth in constant currency terms, and cash flow is expected to be strong.
“Amcor is uniquely positioned in the packaging industry with scale and leadership positions in both flexible and rigid packaging, a broad, global footprint and leading innovation capabilities. By combining with Bemis, there is a unique opportunity to further strengthen our industry leading value proposition for customers and employees, and to deliver the most sustainable innovations for the environment. Significant value will also be created for shareholders through USD 180 million of cost synergies and a stronger financial profile going forward, including higher margins and cash flow and the potential for higher growth. Significant progress has been made towards completing the transaction, which is expected in the second quarter of calendar year 2019.
“The opportunities ahead for Amcor are substantial and we look forward to building an even stronger future with our new Bemis colleagues and customers.”
details at: https://www.amcor.com/about/media-centre/news/amcor-half-year-results-2019