Written on: November 21, 2024 by SprayTM
Amcor plc and Berry Global Group, Inc. announced that the two packaging companies will combine in an all-stock transaction worth an estimated $8.4 billion.
Berry shareholders will receive 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor shareholders owning approximately 63% of the combined company and Berry shareholders owning 37%.
Speaking on the complimentary businesses, Amcor CEO Peter Konieczny said “We will have a more complete and more sustainable product offering, supported by stronger innovation capabilities, global scale and supply chain flexibility.”
Berry CEO Kevin Kwilinski added, “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.”
The transaction has been unanimously approved by the boards of directors of both Amcor and Berry. Closing is targeted in the middle of calendar year 2025. Amcor’s Konieczny will lead the combined company as CEO and Graeme Liebelt will serve as Chairman, while Berry’s Stephen Sterrett will serve as Deputy Chairman.
The combined entity will be named Amcor plc. The global head office will remain in Zurich, Switzerland, and the combined company expects to maintain a significant presence in Evansville, IN, where Berry is headquartered.
