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Australian Amcor transformed by Alcan and Ball takeovers

February 22/2011

(Food Production Daily) -- Amcor said its profits soared 55 per cent to ?197m (A$267m) in the six months ending 31 December thanks to significant savings in the wake of the Alcan takeover and steady sales volumes.

The Australia-based packaging giant said it managed to post the positive results despite rising raw material costs, the negative impact from a stronger Australian dollar and an estimated A$20m bill after its domestic packaging distribution operations were hit by the devastating floods in Brisbane, Queensland.

The firm said it had closed three flexible packaging sites during the period and cautioned other facilities would follow later in the year.

Amcor highlighted synergies resulting from plant closures, a reduction in overheads and procurement economies as saving the company ?37.6m (A$51m) in H1 and promised more was to come in the second half of the year.

The flexible business had also been hit by rising raw material costs - with PET film prices alone soaring by 80 per cent during the period, particularly in Q2. The company said it was passing on price rises to its customers but that the lag in this taking effect had cost it ?14m in H1, with a similar amount forecast for the second half of the year.

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