Orora plans further US acquisitions

Image: www.goodfruitandvegetables.com.au

Orora’s annual general meeting heard that the company expects to continue growth through acquisitions, and that first-quarter results were beating expectations, despite “subdued” conditions in its major markets.

The Australian reports the packaging company’s CEO Nigel Garrard as saying, “The economies of Australia, New Zealand and North America remain subdued, and it is expected that these conditions will continue for the remainder of the financial year.”

 

However, trading results were ahead of those in the same period last year. The company recorded an increase in full-year profit last year of 28.3 per cent to $168.6 million, out of revenues of $3.85 billion. 49 per cent of total sales were in North America.

Garrard said that growth initiatives underway included boosting capacity at its key production sites, and acquisitions in North America.

The company has 40 factories worldwide, 87 distribution sites and 6,200 employees in seven countries.

It demerged from Amcor in late-2013.