Evansville-based Berry Global sold to Swiss packaging company Amcor

On By Littum

Amcor is buying Evansville-based Berry Global Group in an $8.4 billion transaction.

According to a report in British website packagingnews.co.uk“The agreement will bring together two complementary companies to create a global leader in consumer packaging solutions with a broader offering of flexible film and converted films to customers, a scaled container and closure business and a unique global healthcare portfolio.”

Amcor is based in Switzerland. The deal values ​​Berry’s stock shares at $73.59 each.

Like Berry, Amcor “makes cartons, closures and containers for food, beverage, pharmaceutical, medical, home and personal care and will have a common footprint across more than 140 countries.” according to a report published by Reuters.

The boards of both companies have unanimously approved the deal. The sale is expected to be completed in mid-2025.

Now 57, Berry Global started in Evansville as Imperial Plastics, manufacturing aerosol cans using an injection molding machine. The operation had three employees.

The Fortune 500 company today has 34,000 employees manufacturing plastic packaging products for customers of all sizes at more than 200 locations.

The new company will be called Amcor Plc.

“This combination is also driving a step change in annual free cash flow, earnings growth and value creation for our shareholders,” said Amcor CEO Peter Konieczny.

Reuters reported that Konieczny will serve as CEO of the combined company, “which is expected to generate total revenue of $24 billion and adjusted earnings of $4.3 billion, including synergies.”

The report on the Packaging News website included a quote from Berry CEO Kevin Kwilinski: “Over the past year, Berry has undergone a significant transformation that has completed the spin-off of our HHNF business, improved our product mix and optimized our portfolio. Our combination with Amcor is a logical next step in our company’s evolution and is a testament to our entire team that we are well positioned to build on this momentum and deliver even more value to our shareholders. We expect to better serve customers through a comprehensive and innovative consumer packaging portfolio and complementary geographic coverage.Importantly, Berry and Amcor have aligned philosophies focused on safety, employee experience, sustainability, innovation, customer intimacy and functional excellence.We will be better together , and I look forward to all that we will achieve as a unified organization.”