The Amcor Limited (ASX: AMC) share price is up 1.5%, despite the market crash, after giving a trading update at its AGM.
Amcor is a global packaging company. It develops and products rigid and flexible packaging for food, beverage, pharmaceutical, medical devices, home and personal-care, as well as other products.
AGM Trading Update:
Amcor Managing Director and CEO Ron Delia said that the the packaging company had many a good start to FY19 with the first quarter in line with expectations.
The 2019 financial year should deliver constant currency earnings growth, with earnings weighted to the second half. Amcor re-iterated that its projections are for free cash flow to be between $200 million to $300 million.
Bemis acquisition:
Amcor recently announced it would acquire Bemis in an all-share offer of 5.1 Amcor shares for one Bemis share. As a result, Amcor will be listed on the ASX and the New York Stock Exchange. This should occur by the end of March 2019.
Bemis is a 160-year old business which is a flexible packaging leader in the Americas, with annual sales of US$4 billion, 50 manufacturing plants, and 16,000 employees across 12 countries.
The combined business will have annual revenue of US$13 billion, EBITDA of US$2.2 billion (click here to learn what EBITDA is) and cash flow of more than US$1 billion.
The Amcor share price is down around 15% over the past year according to Google Finance.
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