Amcor and Berry to combine in all-stock transaction creating a global leader

Amcor plc and Berry Global Group, Inc. have entered into a definitive agreement to merge in an all-stock transaction. Berry shareholders will receive 7.25 Amcor shares for each Berry share, with Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively. The deal values Berry stock at $73.59 per share and has received unanimous approval from both companies’ boards of directors.

Strategic Highlights

The merger combines two complementary businesses to create a global leader in consumer packaging solutions, focusing on sustainability, innovation, and customer-centric offerings. Key benefits include:

• Broader Product Portfolio: Enhanced capabilities in flexible films, containers, closures, and healthcare packaging.
• Innovation Leadership: A combined $180 million annual R&D investment, 1,500 professionals, and 10 innovation centers globally.
• Sustainability Focus: Expanded offerings in recyclable and lightweight materials, including advanced barrier technologies and circular economy solutions.
• Global Reach: Approximately 400 production facilities serving customers in over 140 countries, with a balanced geographic presence.

Financial Benefits

The combined company will have revenues of $24 billion and adjusted EBITDA of $4.3 billion. It expects to deliver $650 million in cost, growth, and financial synergies within three years. Other financial highlights include:

• Annual cash flow exceeding $3 billion.
• A commitment to maintaining an investment-grade balance sheet.
• Dividend growth and capacity for further reinvestment and share repurchases.

Leadership and Timeline

The combined entity, to be named Amcor plc, will maintain its global headquarters in Zurich, Switzerland, with a significant presence in Evansville, Indiana. Peter Konieczny will serve as CEO, with a board of 11 directors, including four nominated by Berry.

The merger is expected to close in mid-2025, pending shareholder and regulatory approvals.