Packaging giant Visy has reported a big jump in August revenues, following its acquisition of Owens-Illinois Glass for $947 million the previous month.
Chairman Anthony Pratt told The Australian Financial Review that August revenues were up 28 per cent for August compared to July, and 33 per cent versus August a year ago.
O-I’s revenues were $754 million in the calendar year much lower than Visy’s $7 billion, but their combination has had a multiplier effect, said Pratt.
“People are drinking much less beer out of plastic at the footy or a keg at the pub, for instance, because of the lockdowns or social distancing. Instead they’re drinking them from home out of aluminium cans – which Visy has made for a long time – or from glass bottles, which we now make too,” he told The AFR.
“And of course those drinks are being delivered to your house in a corrugated box.”
Owens-Illinois supplies brewers such as CUB and Lion and wine brands including Treasury Wine Estates, with factories in Sydney, Melbourne, Brisbane, Adelaide and Auckland.
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