Amcor to Acquire Berry for $8.4B, Forming Global Packaging Leader

Amcor plc and Berry Global Group, Inc. have announced a definitive merger agreement to unite in an all-stock transaction. Upon closure, Berry shareholders will receive 7.25 Amcor shares per Berry share, giving Amcor and Berry shareholders approximately 63% and 37% ownership in the combined entity, respectively. The deal values Berry’s stock at $73.59 per share and has received unanimous board approval from both companies. 

The merger combines two complementary businesses, forming a global leader in consumer packaging with expanded capabilities in flexible films, containers, closures, and a robust healthcare portfolio. This unified entity aims to deliver sustainable solutions, enhance innovation, and unlock portfolio transformation while creating significant value for shareholders. 

Amcor CEO Peter Konieczny highlighted that the merger supports a growth strategy focused on sustainability, innovation, and high-margin categories. He emphasized that the combined company would accelerate customer growth and operational efficiency, delivering enhanced cash flow and shareholder returns. Berry CEO Kevin Kwilinski added that the merger aligns with Berry’s transformation journey, enabling the combined company to offer a comprehensive, innovative product portfolio while reinforcing shared values around sustainability, employee well-being, and functional excellence. 

Strategic and Financial Benefits

The merger strengthens the focus on high-growth, high-margin categories such as healthcare, protein, pet food, beauty, and food service. It creates a global product offering by combining Amcor’s flexible and regional container operations with Berry’s flexible and global container businesses. This partnership boosts innovation capabilities, supported by $180 million in annual R&D investment, 1,500 R&D professionals, 10 innovation centers, and over 7,000 patents. 

Sustainability remains a core priority, offering customers packaging solutions with recycled materials, lightweight designs, and reduced carbon footprints. The combined company will operate ~400 production facilities across 140+ countries, ensuring global reach with local expertise and supply chain resilience. 

Financially, the merger is expected to yield $650 million in synergies by the third year, including $530 million in cost savings and $60 million in growth synergies. The combined company will generate over $24 billion in revenue and $4.3 billion in adjusted EBITDA. Annual cash flow is projected at over $3 billion, supporting reinvestments, dividends, and share buybacks. 

The merger is expected to close by mid-2025, subject to shareholder and regulatory approvals. It marks a significant milestone, enhancing shareholder value with higher earnings growth and substantial long-term returns. 

Amcor is a worldwide leader in developing sustainable packaging solutions for various industries, including food, beverages, pharmaceuticals, medical, home and personal care, and beyond. The company collaborates with top brands worldwide to safeguard products, enhance brand differentiation, and streamline supply chains. Amcor provides a diverse portfolio of innovative flexible and rigid packaging, specialty cartons, closures, and services. The company is dedicated to advancing sustainability by producing packaging that is more recyclable, reusable, lightweight, and made with an increasing proportion of recycled materials.