Amcor’s $13bn merger with Berry has taken a significant step forward, with shareholders at both companies overwhelmingly approving the new combination.
The transaction remains subject to closing conditions, however, the companies are now preparing for “a smooth transition”, in order, they say, to create value from day one. Integration teams are working across multiple parts of the businesses. The combination is well advanced, and is expected to close in the middle of this year, subject to closing conditions.
The all-scrip deal will create a company with some 400 packaging plants and 75,000 staff, located in numerous countries, and is intended to create a “global leader” in consumer and healthcare packaging solutions.
Amcor CEO Peter Konieczny commented, “The resounding support from both companies’ shareholders marks another important milestone in bringing Amcor and Berry together. Our combined company will be positioned to serve customers better, grow faster, and operate globally in a way neither company could accomplish alone. Together, we have an exciting opportunity to transform the future of packaging.”
Berry CEO Kevin Kwilinski added, “We are excited to take another important step toward finalising this combination between Berry and Amcor, and are pleased the shareholders of both companies clearly recognise the significant opportunities we will have as one company to deliver enhanced value for all stakeholders.”
Almost all shareholders who voted were in favour of the deal. Some 71 per cent of Amcor’s outstanding shares were present or represented by proxy, and more than 99 per cent of these shares were voted in favour of the relevant proposal. Some 83 per cent of Berry’s outstanding shares were present or represented by proxy, and more than 98 per cent of these shares were voted in favor of the relevant proposal.
In a letter to customers following the shareholder approval, Laurel Spencer, senior vice president, Global Sales & Marketing at Amcor said, “The heart of this combination is our shared belief in accelerating what’s possible when we bring together complementary strengths.”
Spencer told customers, “We see exciting opportunities to better support your business – whether through expanded distribution and industrial packaging capabilities, enhanced supply chain resilience, or simplifying operations for customers working across regions.
“With a broader global footprint, we aim to provide global capabilities to local brands and local access to global brands, helping unlock new possibilities.”
Spencer also said that by combining expertise across closures, bottles, films, fibre, and cartons, Amcor intends to offer a more complete range of packaging solutions, tailored to individual needs.”
The new entity will also aim to solve industry-wide challenges. It is already collaborating with organisations like Michigan State University to explore solutions that address broader challenges, including sustainability and material innovation.
Amcor also sees potential to expand our investment in long-term initiatives, such as advancing PCR technologies, by leveraging operational expertise and technical know-how.
