Amcor Ltd. announced it’s entered an agreement to buy Bemis Company in a $6.8 billion deal.
Combining these two companies will create a leader in consumer packaging and deliver the most sustainable innovations for the environment.
“The strategic rationale for this combination and the financial benefits are highly compelling for both Amcor and Bemis shareholders,” says Amcor’s CEO, Ron Delia, in a release. “We are convinced this is the right deal at the right time for both companies.”
Delia continues, “Amcor identified flexible packaging in the Americas as a key growth opportunity and this transaction delivers a step change in that region.”
The press release does not indicate job losses or gains.
Bemis shareholders are set to receive 5.1 new Amcor NYSE shares for each Bemis share held, resulting in Amcor and Bemis shareholders owning nearly 71 percent and 29 percent of the combined company.
“The combination of Bemis and Amcor is transformational,” says Bemis’ president and CEO, William F. Austen. “Our employees will benefit as part of a larger and more global organization focused on a commitment to customer service, integrity and supporting strong teams. In addition, the combination will enable us to offer global, regional and local customers the most compelling value proposition in the industry through a broader product portfolio, increased product differentiation and enhanced operating capabilities, while leveraging Bemis’ extensive U.S. manufacturing base and strengths in material science and innovation.”