Recently, Switzerland-based Amcor Plc has announced a groundbreaking $8.43 billion all-stock deal to acquire U.S. peer Berry Global, creating a consumer and healthcare packaging powerhouse with combined annual revenues of $24 billion. The deal, unanimously approved by both companies’ boards, values Berry’s shares at $73.59 each—a 9.75% premium to their last close. Berry’s stock saw a modest 1% increase in afternoon trading following the announcement.
Amcor was founded in the early 1860s as a small paper mill along the Yarra River in Melbourne. Over the years, it has grown significantly, successfully listing on the New York Stock Exchange and the Australian Securities Exchange, becoming one of the world’s largest packaging companies. It is reported that Amcor’s sales revenue for the most recent fiscal year reached $13.64 billion.
This strategic consolidation reflects the industry’s response to a sharp slowdown in demand for packaging materials after the pandemic-fueled e-commerce boom. The combined entity will operate across more than 140 countries, producing cartons, closures, and containers for the pharmaceutical, medical, personal-care and beauty sectors.
Amcor’s CEO, Peter Konieczny, who will helm the merged company, anticipates no significant regulatory hurdles due to minimal overlaps in operations. The merger, expected to close by mid-2025, aims to achieve synergies of $650 million by its third year and generate adjusted earnings of $4.3 billion annually. The combined company will retain the Amcor Plc name, with its primary listing on the NYSE.
This acquisition marks Amcor’s largest to date, surpassing its $5.25 billion purchase of Bemis in 2019. While that deal required divestitures to gain regulatory approval, Amcor does not foresee similar issues with Berry.
It is reported that Berry Global is a Fortune 500 global manufacturer and marketer of plastic packaging products. Berry serves over 2,500 clients, including companies such as Gillette, Procter & Gamble, and Walmart. In 2024, Berry Global recorded net sales of $12.258 billion, a 3% year-over-year decline.
