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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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  "pageNumber": 22,
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  "notes": "Uses a series of pull-quotes from major corporate customers to demonstrate industry-wide shifts in packaging requirements.",
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      "text": "Amcor is under pressure as demand from its customers is shrinking as they shift towards more eco-friendly solutions with higher recycled plastic content.",
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      "text": "A series of five pull-quotes from L'Oréal, PepsiCo, Unilever, Coca-Cola, and Kraft Heinz detailing their sustainability commitments.",
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      "text": "Amcor is under pressure as demand from its customers is shrinking as they shift towards more eco-friendly solutions with higher recycled plastic content. We believe Amcor’s large customers will pressure its suppliers to absorb the increased cost of developing new products, negatively affecting Amcor. Amcor has made commitments to develop all of its packaging to be recyclable or reusable by 2025. It’s a noble endeavor, but at what cost to shareholders?",
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      "kind": "quote",
      "text": "\"L'Oréal is proud to announce the development of the very first paper-based cosmetic tube... We plan to improve the environmental or social impact of 100% of our new products by 2020.\" — L'Oréal (Bioplastics News, October 18, 2019); \"PepsiCo, Inc. today announced a new target to reduce 35% of virgin plastic content across its beverage portfolio by 2025\" — PepsiCo (September 13, 2019); \"Halve its use of virgin plastic, by reducing its absolute use of plastic packaging by more than 100,000 tonnes and accelerating its use of recycled plastic\" — Unilever (July 10, 2019); \"Coca-Cola and PepsiCo, two major sellers of plastic bottles, have made sweeping sustainability commitments. Now they are stepping away from a plastics lobbying group.\" — CNN (August 5, 2019); \"Company Aims to Make 100% of its Packaging Recyclable, Reusable or Compostable by 2025; Increase Usage of Recycled Materials.\" — Kraft Heinz (July 31, 2018)",
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      "kind": "title",
      "text": "Long-Term Industry Headwinds",
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