Amcor and Berry Global Group, Inc. have announced a definitive merger agreement, combining their operations in an all-stock transaction worth an estimated $8.4 billion. The combined company will be named Amcor plc, with its global head office in Zurich, Switzerland, and a significant presence in Evansville, Indiana.
The merger aims to create a global leader in consumer packaging solutions, enhancing the combined company's capabilities in flexible films, containers, and closures. The new entity will focus on high-growth, high-margin categories, including healthcare, protein, pet food, and beauty products. It will leverage its expanded scale and resources to address sustainability needs and deliver value to shareholders.
Amcor CEO Peter Konieczny emphasized the strategic benefits of the merger, highlighting the enhanced product offering and increased supply chain flexibility.
“This combination delivers on our strategy to accelerate growth by putting the customer first, elevating the role of sustainability and orienting the portfolio toward faster growing, higher margin categories. We will have a more complete and more sustainable product offering, supported by stronger innovation capabilities, global scale and supply chain flexibility. We will help global and local customers grow faster and operate more efficiently with a team of exceptional talent," Konieczny said.
Berry CEO Kevin Kwilinski noted the alignment of both companies' philosophies on safety, sustainability, and customer focus
“Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio. Our combination with Amcor is a logical next step in our company’s evolution, and it is a testament to our entire team that we’re well positioned to build on this momentum and deliver even more value to our shareholders," Kwilinski said. "We expect to better serve customers through a comprehensive and innovative consumer packaging portfolio and a complementary geographic coverage. Importantly Berry and Amcor have aligned philosophies focused on safety, employee experience, sustainability, innovation, customer intimacy, and functional excellence. We will be better together, and I look forward to all we will achieve as a combined organization.”
The transaction is expected to close in mid-2025, subject to shareholder and regulatory approvals. Berry shareholders will receive 7.25 Amcor shares for each Berry share, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively. The transaction values Berry’s common stock at $73.59 per share and has been unanimously approved by the boards of both companies. Upon completion of the transaction, Amcor’s board of directors will expand to 11 directors, 4 of whom will be nominated by Berry
Amcor plc is a global leader in developing and producing packaging for food, beverage, pharmaceutical, medical, home, and personal-care products. Berry Global Group, Inc. is a leading global supplier of a broad range of innovative rigid, flexible, and nonwoven products used every day within consumer and industrial end markets.
The deal is one of Amcor's largest acquisitions, according to Reuters. In 2019, it bought U.S. rival Bemis in a $5.25 billion all-stock deal but had to divest three manufacturing facilities to gain approval from the U.S. Justice Department.
