Amcor to spin off glass and beverage can packaging unit
Amcor Ltd announced plans to spin off the company's glass and beverage can packaging unit. The packaging giant said that they plan to launch the spin off by end of the year. Amcor said that the spinoff will allow the main company and the new business to have a better focus on their individual growth areas.
Amcor said that they plan to focus on plastics packaging which is currently a global business. AAPD will focus on the glass and beverage can packaging and fibre markets in Australasia. AAPD will also focus on packaging distribution in Australia and North America. Both Amcor and the new company will be listed on the Australian Stock Exchange.
Amcor Ltd said that the plan will need the approval of the company's shareholders. MacKenzie will stay as the managing director and CEO of Amcor. Graeme Liebelt will stand as the chairman for Amcor. Nigel Garrard, current president for AAPD will be appointed as CEO of the new company. Chris Roberts will stand as chairman.