HENDERSON, Ky. (WEHT) – Evansville based Berry Global has announced a definitive merger agreement with Amcor Plc in an all-stock transaction. The combined entity will be named Amcor Plc.
Amcor Plc is based out of Switzerland and produces packaging solutions for food, beverage, pharmaceutical, medical, home and personal-care products. Officials say the company operates 212 locations in 40 countries.
According to a release from Amcor Plc, Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry Shareholders owning approximately 63% and 37% of the combined company, respectively. The transaction received unanimous approval of the boards of directors of both Amcor and Berry and values Berry’s common stock at $73.59 per share.
“Over the past year, Berry has undergone a significant transformation,” said Berry CEO, Kevin Kwilinski,”completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio. Our combination with Amcor is a logical next step in our company’s evolution, and it is a testament to our entire team that we’re 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 a 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 we will achieve as a combined organization.”