OTHER FULL-YEAR HIGHLIGHTS
- Cash flow from operations for the 12 months ended December 31, 2016, was $437.4 million, within the company’s guidance range.
- On February 4, 2016, the Board increased the authorization for share repurchases by 20 million additional shares of Bemis Company stock, supplementing the previous remaining authorization.
- Bemis repurchased 3.0 million shares during 2016. Of this total, 1.0 million shares were repurchased during the fourth quarter.
- On April 29, 2016, Bemis acquired the medical-device packaging operations and related value-added services of SteriPack Group.
- During the second quarter of 2016, Bemis initiated a restructuring program to close four plants in Latin America to improve efficiencies and reduce fixed costs.
“We grew earnings by 8% on a currency-neutral basis in 2016,” says William F. Austen, Bemis Co. president/CEO. “We made progress as we continued to recapitalize our converting equipment and leverage our product technology globally. We completed the acquisition of SteriPack and also initiated a restructuring program in Latin America following the Emplal acquisition.
“As we begin 2017, our primary focus is on promoting the growth and success of our customers and on executing well – in our operations, in our strategic business projects, and in all areas of our business. Around the globe, we are focused on delivering our financial plans and on continuously developing a strong foundation for the long-term success of Bemis.”