NewsBite

Packaging giant Amcor cuts 2000 jobs as shopping baskets shrink

Simon Evans
Simon EvansSenior reporter

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Packaging giant Amcor has axed 2000 jobs and is part-way through closing up to 10 plants across the globe in a cost-cutting blitz against a backdrop of slowing consumer demand for beverages and meat, and destocking by its pharmaceutical customers.

Chief executive Ron Delia said volumes across the Amcor business in the December quarter sank by 10 per cent, a record decline for the maker of bottles, wrappers and containers. Sales in the six months ended December 31 dropped 9 per cent to $US6.69 billion ($10.25 billion), and interim net profit was $US286 million, down from $US691 million a year earlier.

Loading...
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

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Read More

Latest In Manufacturing

Fetching latest articles

Most Viewed In Companies

    Original URL: https://www.afr.com/companies/manufacturing/packaging-giant-amcor-cuts-2000-jobs-as-shopping-baskets-shrink-20240206-p5f2ts