Amcor, a global multi-substrate rigid and flexible packaging manufacturer, closed its all-stock acquisition of Indiana-based Berry Global on Wednesday.
Amcor reiterated expectations for $650 million in savings by the end of fiscal year 2028 — including $260 million in FY2026 — for the consumer and healthcare packaging giant.
The Zurich-based company’s reach now spans approximately 140 countries, with some 70,000 employees.
“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,” CEO Peter Konieczny said in a statement, highlighting plans to further refine the 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,” Konieczny added.
Amcor projects annual cash flow of more than $3 billion by FY2028, “providing significant capacity for Amcor to fund organic reinvestment, value accretive M&A and shareholder returns,” the company announced.
Jean-Marc Galvez, who served as Berry’s president of the international consumer packaging division, has been appointed president of global containers and closures at Amcor.
The deal, described as the largest transaction in Amcor’s history, was first announced last November and was previously valued at $8.4 billion. Earlier in 2024, Berry had discussed combinations and other strategic alternatives with multiple other companies. The transaction received respective shareholder approvals in February.
That same month, Konieczny explained that Amcor would consider divestitures from Berry’s portfolio.
Amcor last reported annual net sales of $13.6 billion for its 2024 fiscal year. Berry’s most recent annual net sales totaled $12.3 billion.
Berry released first-quarter results on Wednesday. Net sales totaled $2.52 billion, which represented 2% organic growth. In flexibles, net sales decreased by 5% to $761 million, which Berry partly attributed to selling its tapes business.
Amcor executives are slated to discuss first-quarter results on an earnings call late Wednesday.
