The French specialist bottle maker Saverglass bought by Australian group Orora for $2.2 billion as part of its biggest ever acquisitive bet, is unlikely to deliver any profit growth this financial year.
Global demand is “subdued” because customers for Saverglass’ glass bottles in the spirits and wine industries are destocking – an industry term for cutting back on orders, Orora said in a statement on Thursday. Orora also detected a softening in consumer demand.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
