News: Amcor to sell Melbourne asset

.

The Australian has reported that packaging giant Amcor Ltd (ASX:AMC) could reap over $150 million from the sale of its paper mill site in the Melbourne suburb of Fairfield.

Last year, the site was pulled from sale after it failed to find a buyer. It is now back on the market and an international tender is expected to be launched next month.

Proceeds from the sale of the Fairfield site will go towards funding the construction of Amcor's recycled paper mill located at Sydney's Botany, which, at an estimated cost of $400 million, is the company's single biggest investment.

For the year ended 30 June 2010, Amcor reported a net profit of $201.6 million.