Amcor announces $US500m share buyback plan

Packaging giant Amcor has reported an increase in first half
net profit and announced a $US500 million share buyback plan.

The company reported that profit after tax for the six
months to December 31 was US$321.3 million, an increase of 6.7 per cent from
the previous corresponding period.

In addition, earnings per share (EPS) was 26.6 US cents, up
6.8%. And, on a constant currency basis, EPS was up 10.4%.

Amcor’s Managing Director and CEO, Ken MacKenzie said in a statement,
“Amcor has a strong financial position with a sound balance sheet and strong
cash generation.

“Given our solid financial metrics and ongoing cash
generation, a US$500 million share buy-back achieves the appropriate balance
between returning capital to shareholders, maintaining flexibility to pursue
growth and retaining strong credit metrics.

The company has announced several expansion projects. It has
acquired a business in China and unveiled construction of two new greenfield
plants to expand its positions in Indonesia and the Philippines.

“Over the past four years we have completed 16 acquisitions
and undertaken a number of organic growth investments. The company continues to
have an extensive pipeline of opportunities, both organic and M&A that will
continue to deliver future growth,” MacKenzie said.