AMCOR
Takeover of packaging manufacturer Berry Global progressing /Shareholders give green light
— By Plasteurope.com staff —
 Peter Konieczny will also lead the merged company (Photo: Amcor) |
Packaging manufacturer Amcor (Zurich, Switzerland; www.amcor.com) has cleared the next hurdle in its plan to take over its similarly sized competitor Berry Global (Evansville, Indiana, USA; www.berryglobal.com). The shareholders of both companies approved the USD 8.4 bn (EUR 8.04 bn) transaction on 25 February. Once the deal is finalised – which is expected for mid-2025 – Amcor will have more than 400 production sites.
Amcor CEO Peter Konieczny, who moved from interim to full CEO last autumn, will lead the merged company, which is expected to generate annual sales of USD 24 bn and an adjusted EBITDA of USD 4.3 bn. The global headquarters will be in Zurich, but the company expects to maintain a “significant presence” at Berry Global’s headquarters in Evansville.
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In the short term, Amcor expects synergy effects totalling USD 650 mn. Half of this amount is attributable to more favourable purchasing prices. Further savings are to be achieved through lower expenses for distribution, administration, and overhead as well as lower production costs.
A few days ago, Konieczny also spoke to financial analysts about possibly selling off parts of the merged plastic packaging company in order to achieve faster organic growth and higher margins. However, he did not provide any details. The Berry deal initiated a workflow, so to speak, that puts the entire portfolio on the table. “We’re on it and are checking pretty much everything,” said Konieczny.
Amcor manufactures both rigid and flexible packaging, while Berry’s portfolio is more focused on rigid packaging following recent divestments.
— Translated by Elspeth Lenhard
Amcor CEO Peter Konieczny, who moved from interim to full CEO last autumn, will lead the merged company, which is expected to generate annual sales of USD 24 bn and an adjusted EBITDA of USD 4.3 bn. The global headquarters will be in Zurich, but the company expects to maintain a “significant presence” at Berry Global’s headquarters in Evansville.
Related: Circular FoodPack project tackles challenges in PE packaging recycling
In the short term, Amcor expects synergy effects totalling USD 650 mn. Half of this amount is attributable to more favourable purchasing prices. Further savings are to be achieved through lower expenses for distribution, administration, and overhead as well as lower production costs.
A few days ago, Konieczny also spoke to financial analysts about possibly selling off parts of the merged plastic packaging company in order to achieve faster organic growth and higher margins. However, he did not provide any details. The Berry deal initiated a workflow, so to speak, that puts the entire portfolio on the table. “We’re on it and are checking pretty much everything,” said Konieczny.
Amcor manufactures both rigid and flexible packaging, while Berry’s portfolio is more focused on rigid packaging following recent divestments.
— Translated by Elspeth Lenhard
06.03.2025 Plasteurope.com [257491-0]
Published on 06.03.2025