Converting

Australian packaging group Amcor reiterated its commitment to move more production to low-cost economies as it published its full-year results at the end of August.

Managing director and chief executive Ken MacKenzie said “exciting growth” in Eastern Europe and Russia would lead to a “progressive relocation” of operations.

Amcor has closed a Swiss tobacco packaging plant ahead of the opening of a new plant in Ukraine in November.

Restructuring helped Amcor to compensate for a 2.2% fall in pre-tax profits to £210m (AU $517m) for the year to 30 June. The £288m sale of its European PET business to La Seda de Barcelona helped to produce an overall gain of £55.5m from significant items, compared with a £22m loss last year. Total sales fell 5% to £4.42bn.

MacKenzie said: “We anticipate increased earnings across the group.”