AMC 0.38% $18.54 amcor plc

Amcor, I told U so

  1. 5,768 Posts.
    a few days ago AMC was in bluechips to watch, today we have an announcement, hehe. this part of the process doesn't always work though b/c sometimes its distribution or artificial support, rather than organic, nevertheless, the words speak ....

    Amcor buys Schmalbach-Lubeca PET assets for $2.9bn
    09:40, Wednesday, 8 May 2002

    Sydney - Wednesday - May 8: (RWE) - Amcor Ltd has entered an
    agreement to buy the PET container and closure assets of German-based
    Schmalbach-Lubeca for $2.875 billion.
    The price represents a trailing EBITDA multiple of 6.7 times
    earnings to March 31.
    Schmalback is the world's largest manufacturer of PET
    Amcor said the combined group would be well positioned to target
    the higher value-add and faster growing segment of custom bottles, where
    bottles are designed for specific applications such as filling
    temperatures of up to 95 degrees celsius or multilayer wall
    The combined Schmalbach PET and closures business had calendar
    2001 sales revenue of $3.3 billion.
    Amcor managing director Mr Russell Jones said: "Amcor is
    purchasing an extremely well managed business with an excellent track
    record of growth.
    "The plants are well capitalised with modern equipment and
    efficient manufacturing processes.
    "In combining the two businesses, Amcor has created the leader
    in PET containers.
    "It will be able to enhance product innovation, purchasing and
    customer relationships across a global operation," Mr Jones said.
    He said the company was targeting synergies from the acquisition
    of about $75 million a year by year three, with $20 million achieved in
    year one.
    "These benefits will be realised through improved efficiencies
    via plant rationalisation and product optimisation, as well as
    purchasing benefits and overhead reductions."
    The acquisition is expected to be earnings per share positive by
    year one.
    Amcor said it remained confident its target growth of 10 per
    cent for net profit for the full year would be achieved, and expects the
    October dividend to be 14c.
    The acquisition will be funded through a combination of new
    equity, debt, and the sale of Amcor's 45 per cent interest in
    Kimberly-Clark Australia.
    Shares in Amcor last traded at $7.68 and has been placed in a
    trading halt.
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