[Australia] Amcor Demerger

Packaging giant Amcor will spin off its Australian canning, bottling and carton business into a separate listed business. The Australasia and Packaging Distribution unit, which had A$2.87BN in revenue 2013, will appoint its current president, Nigel Garrard as CE and Amcor board member Chris Roberts as Chairman, the company said. The unit will be spun off, AAPD will be focused on the glass, fibre and beverage can packaging markets in Australasia and packaging distribution in N America and Australia. Amcor will focus on plastics packaging, a global business. It expects the demerger to occur in December 2013.