Italian converter AMB SpA has acquired German firm PTS (Prime Tray System) Verpackungen, a manufacturer of injection-moulded cups, bags and composite plastics films. Located in Gauting, Bavaria, PTS has been responsible for sales of the AMB product range for several years. With the purchase, AMB is keen to strengthen its market position in Germany, Austria and Switzerland. AMB operates from five locations in Europe, employs 435 people and boasts turnover of more than €160 million ($184m).
Fourth Quarter and Fiscal Year Highlights:
*Net sales growth of 22% and 18% in the quarter and fiscal year, respectively
*Fiscal year organic volume growth of 4%; HHS +5%, CPNA +4%, EM +4% and CPI +3%
*Fiscal year net income per share (EPS) up 28% to $5.30 and adjusted EPS up 20% to $5.80 ($7.21 including amortization of intangibles from acquisitions)
*Cash flow from operations and free cash flow of $1.6B and $904M, respectively
Berry’s Chairman and CEO Tom Salmon said, “The strong performance throughout this fiscal year led to a net sales record of $13.9 billon along with 4% organic volume growth. Adjusted earnings per share was up 20% versus the prior year coming in at a fiscal year record of $5.80 per share along with operating EBITDA of $2.2 billion. All of these strong financial metrics were delivered despite a challenging backdrop of significant cost inflation along with labor and supply chain challenges. My deepest thanks go to our 47,000 employees who delivered these terrific results in what was a challenging and unpredictable fiscal year. We believe that continued execution of growing organic volumes, leading the way in sustainability and innovative packaging while maintaining our leverage in the range of 3.0 to 3.9 times, on a go-forward basis, will deliver significant shareholder value.
“We continue to invest in each of our businesses to build and maintain our world-class, low-cost, manufacturing base, with an emphasis on key growth markets and regions and continue to see incremental opportunity to invest organically in support of our unwavering commitment to global growth. The continued positive momentum from our investments in areas such as health and wellness, e-commerce, and food safety while driving more sustainable packaging, provide us the path to realize long-term consistent volume and earnings growth just as we delivered over the last several years.”
September 2021 Quarter Results
The net sales growth of 22% is primarily attributed to increased selling prices of $716 million due to the pass through of inflation partially offset by prior quarter divestiture sales of $60 million. When compared to the strong prior year volumes, organic volumes were down 1% in the quarter primarily due to the negative impact from supply chain and labor challenges.
The operating income decrease is primarily attributed to a $66 million unfavorable impact from price cost spread, prior year divestiture operating income of $7 million partially offset by a decline in business integration expenses and a decrease in selling, general, and administrative expense.
details at: https://ir.berryglobal.com/news-releases/news-release-details/berry-global-group-inc-reports-fourth-quarter-and-fiscal-year-3