Saverglass contributed revenue of €427.6m and an EBITDA of €88.9m in its first seven months of ownership by Orora.
The acquisition of Saverglass was completed on 1 December 1, 2023 for €1,309.7m ($2,158.8m).
In its latest financial note, Orora said it had integrated the company to create a global glass business with a regional management structure in place.
It said: “A new operating structure comprises three key regions, Asia-Pacific, Europe and Americas, with P&L accountability, reporting to President Jean Marc Arrambourg.
“Capacity will be managed across seven manufacturing sites and four decoration sites, with volumes able to be seamlessly shifted across locations depending on demand, utilisation and cost.
"The formation of the Global Glass business ensures it is well positioned when market conditions improve.”
Since the acquisition the company has also recommissioned furnace 5 at the Saverglass Feuquieres site in France.
It described it as a low-carbon hybrid furnace, which will boost electricity input up to 30% and deliver a CO2 reduction of 12% per tonne of glass produced.
Successful trials were also undertaken for the use of hydrogen as an alternative future fuel source.
Discussing the G3 furnace investment at its Gawler site, Orora said engineering, civil earth moving and structural concrete works had commenced for an on-site oxygen generation plant.
The new furnace will improve furnace productivity and lower emissions but Orora said the ‘total G3 project spend has increased by $40m to $170m due to the complexity of oxy-fuel technology and increased construction rates.’
Once completed the G3 furnace will be among the top 10% of energy-efficient furnaces in the world, reducing carbon emissions by approximately 20%.
Orora said it achieved a 50% recycled content in the glass packaging it manufactures in the year, up from 38% in FY23, and is on track to achieve its 2025 goal of 60%.
It added that in Australia, the company expanded its cullet sourcing programme, with arrangements now in place across all participating container deposit schemes.
It said the addition of Saverglass will add to its sustainability initiatives, with the French glassmaker already achieving a 73% cullet rate in coloured glass and 77% of decorated bottles made with organic inks.
Managing Director and CEO Brian Lowe said: “Saverglass is a quality business with a compelling value proposition.
"Encouragingly, industry commentary, as well as our own inventory data, indicates improvement in the destocking issue, with trends expected to normalise in early calendar year 2025.
"We enter the new financial year with a newly formed Global Glass business unit, comprising Saverglass and our Gawler facility, and while the external environment remains challenging, we are well placed to capitalise on growth opportunities when market conditions improve.”
