Amcor to spin off Australasia packaging business
SYDNEY Aug 1 (Reuters) - Packaging giant Amcor Ltd said on Thursday it plans to spin off its glass and beverage can packaging unit by the end of the year, to allow the company and the new business to better focus on their own growth areas.
Amcor will focus on plastics packaging, a global business, while the unit to be spun off, AAPD will be focused on the fibre, glass and beverage can packaging markets in Australasia and packaging distribution in North America and Australia.
Following the demerger, both Amcor and the new company will be listed on the Australian Stock Exchange.
MacKenzie will remain the CEO and managing director of Amcor, with Graeme Liebelt as chairman. Nigel Garrard, the current president of AAPD will be appointed CEO of the new company, with Chris Roberts as chairman.
The plan will need to be approved by shareholders.
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