Tue Nov 19 12:40:00 UTC 2024: ## Amcor and Berry Global Merge to Create Packaging Giant

**Zurich and Evansville, IN – November 19, 2024** – Amcor plc (NYSE: AMCR; ASX: AMC) and Berry Global Group, Inc. (NYSE: BERY) announced today a definitive merger agreement, uniting the two companies in an all-stock transaction valued at $73.59 per Berry share. Berry shareholders will receive 7.25 Amcor shares for each Berry share held. Post-merger, Amcor and Berry shareholders will own approximately 63% and 37% of the combined entity, respectively.

The merger, unanimously approved by both companies’ boards, creates a global leader in consumer and healthcare packaging solutions. The combined company will boast a broader product offering encompassing flexible films, containers, and closures, along with a significant global healthcare portfolio. This union will leverage complementary R&D capabilities, resulting in a combined annual investment of $180 million, 1,500 R&D professionals, and 10 global innovation centers.

“This combination accelerates our growth strategy by prioritizing customer needs, enhancing sustainability, and focusing on higher-margin categories,” said Amcor CEO Peter Konieczny. Berry CEO Kevin Kwilinski added, “This is a logical next step, building on Berry’s recent transformation and delivering increased value to shareholders.”

The combined company, to be named Amcor plc, will generate approximately $24 billion in revenue and $4.3 billion in adjusted EBITDA, with projected annual synergies of $650 million by the end of the third year. This includes cost savings, growth opportunities, and financial efficiencies. The merger is expected to deliver over 35% adjusted cash EPS accretion and double-digit return on investment.

Peter Konieczny will serve as CEO, Graeme Liebelt as Chairman, and Stephen Sterrett as Deputy Chairman of the combined company. Amcor will retain its primary listing on the NYSE and secondary listing on the ASX. The global headquarters will remain in Zurich, Switzerland, with a significant presence maintained in Evansville, Indiana.

The transaction is expected to close mid-2025, subject to shareholder and regulatory approvals. A joint investor conference call was held on November 19th to discuss the merger in detail.

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