Berry merges with a Swiss company

On November 20, 2024By Littum

EVANSVILLE, Ind. (WFIE) – Amcor plc and Berry Global Group, Inc. has announced a merger agreement.

Officials say they will combine in an all-stock transaction.

They say Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held at closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% respectively of the combined company.

Their boards value Berry’s common stock at $73.59 per share.

Officials say the combination will create a global leader in consumer packaging solutions.

According to their release, Amcor is based in Zurich, Switzerland.

Berry’s CEO, Kevin Kwilinski, said: “Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, improving our product mix and optimizing our portfolio. Our combination with Amcor is a logical next step in our company’s development…”

Officials say Berry expects to maintain its current dividend policy until the transaction closes.

Closure is targeted for mid-calendar year 2025.

It is subject to shareholder approvals, regulatory approvals and satisfaction of other customary closing conditions.

Board of Directors, Management and Headquarters Peter Konieczny will serve as CEO, Graeme Liebelt will serve as Chairman and Stephen Sterrett will serve as Vice Chairman of the combined company.

Amcor will retain its primary listing on the NYSE and its secondary listing on the ASX.

The combined entity will be named Amcor plc and the global headquarters will remain in Zurich, Switzerland.

Officials say the combined company expects to maintain a significant presence in Evansville.

Following completion of the transaction, Amcor’s board of directors will expand to 11 directors, four of whom will be nominated by Berry.