Amcor and Berry: A Global Packaging Powerhouse

Amcor and Berry Global Group, Inc. have announced a transformative merger, creating a global leader in consumer and healthcare packaging solutions. This all-stock transaction, valued at $73.59 per Berry share, will result in a combined company with $24 billion in revenues and $4.3 billion in adjusted EBITDA, including synergies. The merger is expected to generate $650 million in annual earnings synergies and over 35% adjusted cash EPS accretion.

The combination of Amcor's global flexibles and Berry's containers and closures businesses creates a comprehensive product offering for customers, with a broader flexible film and converted film offering, a scaled containers and closures business, and a unique global healthcare portfolio. This strategic merger brings together complementary businesses, resulting in unprecedented innovation capabilities and scale, and positions the combined company to accelerate growth, solve customers' and consumers' sustainability needs, unlock portfolio transformation, and deliver significant value to both sets of shareholders.

The integration of Amcor's and Berry's R&D and innovation capabilities will accelerate the development of sustainable packaging solutions. With a combined annual investment of $180 million and over 1,500 R&D professionals, the merged entity will be the innovation partner of choice, offering customers a wider range of sustainable solutions that drive circularity, increase the use of alternative materials, and lower carbon footprint. By combining complementary innovation capabilities and platforms, material science expertise, and specialized tooling, design, and multi-component assembly capabilities, the new entity will be uniquely positioned to address global sustainability needs.



The combined company's enhanced global scale and supply chain flexibility will help customers grow faster and operate more efficiently. With over 400 production facilities in 140 countries, the merged entity will boast a global footprint that enhances supply chain resilience and operational efficiency. This scale will enable faster delivery times, reduced logistics costs, and improved inventory management for customers. Moreover, the combined company's expanded product portfolio and innovation capabilities will allow customers to access a wider range of sustainable packaging solutions, helping them meet evolving consumer demands and regulatory requirements more effectively.



The combination of Amcor's and Berry's healthcare businesses will strengthen positions in high-growth, high-value categories, including Healthcare, Protein, Pet Food, Liquids, Beauty & Personal Care, and Food Service. By leveraging complementary strengths, the merged entity will create a comprehensive product offering that enables it to better serve customers in these sectors. Offering a broader range of sustainable packaging solutions, the new entity will be well-positioned to meet evolving consumer demands and regulatory requirements, driving growth and value for shareholders.

In conclusion, the merger of Amcor and Berry creates a global packaging powerhouse with unparalleled innovation capabilities, scale, and sustainability focus. This strategic combination will drive growth, value creation, and long-term success for both sets of shareholders. As an investor, this merger presents an attractive opportunity to participate in a company that is well-positioned to lead the consumer and healthcare packaging industry into the future.