The company split the price increases it imposed in the three months ended Sept. 30. In its Flexibles Packaging division, they amounted to 270 million dollars, or 10% more than in the same period last year. In the Rigid Packaging division, price increases of US$130 million were 17% higher than the same period a year ago.
Those $400 million in price hikes to recoup higher input costs helped overall revenue for the September quarter rise 9% to $3.7 billion, with net profit up. 15% to $232 million.
Mr Delia said growth was strong in flexible packaging in India, Australia and in the healthcare sector in Asia, although sales volumes were lower in China due to continued lockdowns as authorities tried to stop the spread of COVID-19.
Amcor’s size and influence in the industry means it is in a strong position to meet raw material increases through integrated pricing mechanisms with customers.
Amcor is listed on the New York Stock Exchange after outgrowing its Melbourne origins. He spent $9 billion buying Bemis Co in the United States in 2019.
Amcor moved its primary listing to the New York Stock Exchange in 2019 after the Bemis takeover, but still has chess custodian interests that trade on the Australian Stock Exchange.