
Packaging solutions provider Amcor has completed its all-stock combination with Berry Global, a fellow provider of packaging solutions.
Berry Global employs more than 34,000 people across over 200 locations. The company collaborates with its customers in the development, design, and manufacture of innovative products with a focus on the circular economy.
With this deal, Amcor enhances its position in the consumer and healthcare packaging solutions sector with unique material science required to change product development and meet consumers’ sustainability aspirations.
With multiple new growth opportunities and $650m of identified synergies, Amcor is well-placed to deliver significant near- and long-term value for customers and shareholders.
In fiscal year 2026 (FY26), before taking into account growth of the underlying business, Amcor expects the delivery of $260m of pretax synergies alone to drive adjusted earnings per share accretion of approximately 12%.
By the end of FY28, the company expects total pretax synergy benefits to build to approximately $650m and to have delivered an additional $280m in one-time cash benefits from working capital improvements.
Including full run rate synergies, annual cash flow is expected to exceed $3bn by FY28, providing significant capacity for Amcor to fund organic reinvestment, value accretive mergers and acquisitions, and shareholder returns through dividends and share repurchases.
Amcor CEO Peter Konieczny said: “This combination delivers on our strategy to become a stronger company with a broader, more complete offering for customers and enhanced positions in attractive categories.
“Our focus now turns to delivering on synergies and growth opportunities, including leveraging our extensive global footprint and enhanced innovation and R&D [research and development] capabilities, while also further refining our portfolio.
“The outstanding work our teams have completed over the past several months enables Amcor to enter fiscal 2026 in a better position than we anticipated, with a synergy run rate that will start strong and build quickly through the year.”
The deal comes six years after the $6.8bn merger between Amcor and Beamis.
In another development, Berry Global reported net sales of $2.5bn for the second quarter of 2025, which is similar compared to the prior year’s quarter at $2.5bn.
During the second quarter ending 29 March 2025, the company posted a net income of $193m, up 66% compared to $116m in the same period a year ago.
The company’s operating income in the latest quarter was $391m, which is also up compared to $182m recorded last year.