O-I Glass, Inc. announced it has entered into a definitive agreement to sell its Australia and New Zealand (ANZ) business unit to Visy Industries (Visy), one of the world’s largest privately owned packaging and resource recovery companies. Gross proceeds on the sale and related sale-leaseback agreement with Charter Hall, a leading property management company, will approximate AUD $947 million. “The sale of our ANZ operations is consistent with our strategy to properly align our business with the interests of our global customer base, improve financial flexibility and maximize shareholder value. O-I will continue to develop its leading market positions across Europe and the Americas as well as the company’s interests in Asia. The sale of ANZ follows an in-depth strategic review of our global business portfolio and operating structure which is now substantially complete following this transaction. We received a full and fair price for ANZ, and this sale represents a significant milestone in our business transformation as we optimize our structure and prioritize debt reduction,” said Andres Lopez, CEO.
During the day Huhtamaki’s executive management will review the Group’s strategy of growing into the preferred global food packaging brand and the key steps in each business segment. In addition, current financial performance as well as opportunities for future growth and profitability improvement for the Group and the four business segment are discussed. Updated long-term financial ambitions for the Group and business segments are also presented.
The Group’s updated long-term (3-5 years) key financial ambitions are:
•Comparable growth 5+%
• Acquisitive growth 5+%
•EBIT margin 10+%
• Return on investment (ROI) 15+%
more at: http://www.huhtamaki.com/-/huhtamaki-capital-markets-day-2016-growing-into-the-preferred-global-food-packaging-brand-next-steps