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Amcor Limited (ASX:AMC) will spin off its Australian packaging arm and list it on the ASX.
The group says the move will allow each company to better pursue their own growth agendas and strategic priorities.
Chris Roberts will be made chairman of the demerged Australasia and Packaging Distribution business and Nigel Garrard will be made chief executive.
Amcor CEO Ken MacKenzie says that although Amcor and AAPD are both packaging companies, they are very different in terms of product segments and geographic focus.
The demerger will be run through a capital reduction and scheme of arrangement.
Amcor delivered a net profit of $250 million in the first half of fiscal 2013.
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