Home > Amcor announces $US500m share buyback plan

Amcor announces $US500m share buyback plan

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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.

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