Amcor will revamp flexible packaging operations to include streamlining its European organisation and the “likely” restructuring or closure of several plants in developed markets, the company said.

Initial costs of as much as USD 100 million (EUR 88 million) will be incurred in fiscal 2016, Amcor said. Cash investment in fiscal years 2017 and 2018 is projected at USD 120 million – 150 million, the company said. Amcor’s financial year ends on 30 June.
“Amcor has strong flexible and tobacco packaging businesses in the developed markets with leading market positions which provide a solid platform for future growth. To build on that strong foundation, it is critical we continue to take decisive steps to align the organisation with market growth opportunities and customer needs,” said Amcor CEO Ron Delia.
In a separate announcement, Amcor said a USD 350 million, one-time charge would be taken against earnings this year due to currency issues at its Venezuelan rigid plastics business.