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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "Uses a combination of quote-based contradiction and financial data to highlight lack of transparency.",
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      "kind": "callout",
      "text": "Only When Asked, Does Amcor Discuss Its Association With Tobacco",
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      "text": "Amcor's 10-K Doesn't Mention The Word \"Tobacco\" Once. \"Specialty Flexible Folding Cartons\" Are Tobacco. Amcor's MD&A Avoids Discussing Tobacco As A Driver Of Results And It Only Reports Sales By Product Annually, Not Quarterly.",
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      "text": "Amcor appears to be taking steps to obscure its exposure to tobacco carton sales. Understandably, tobacco has been linked to cancer, and Amcor may not want to associate itself with this product.",
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      "kind": "quote",
      "text": "And then just kind of rounding out the portfolio, you got the question on closures. Can you talk a little bit about the cartons business, kind of the place within the portfolios or the attractive things about that.",
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      "text": "So the (specialty) cartons business is a little less than 10% of sales now. It's a global business. It's predominantly selling tobacco cartons.",
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      "text": "\"So the (specialty) cartons business is a little less than 10% of sales now. It's a global business. It's predominantly selling tobacco cartons.\" — Amcor CEO Response",
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      "text": "Source: Amcor 10-K",
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      "text": "Source: Amcor Investor Presentation: Sept 2019",
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      "text": "Obscuring Substantial Tobacco Dependence",
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