Amcor and Bemis report progress on merger transaction
Australia-based packaging company Amcor has made what it calls “further, important progress” towards the completion of its purchase of former rival Bemis Co. Inc.
Australia-based packaging company Amcor Ltd. has made what it calls “further, important progress” towards the completion of its purchase of former rival Bemis Co. Inc.
The combination of the two complementary companies, which was announced in August 2018 in a US$5.25 billion all-stock deal, offers a “transformational and unique opportunity to create the global leader in consumer packaging, with the footprint, scale and capabilities to deliver an industry leading value proposition for customers and employees, and the most significant innovations for the environment,” Amcor said in a new statement.
“Since announcing this transaction, we have made significant progress towards closure, and further important steps have been taken with the finalization of Board of Director and Senior Leadership appointments as well as shareholder documentation filings,” said Amcor CEO Ron Deli. “As we approach the closing of the transaction, the opportunities to further strengthen our industry leading value proposition for customers, employees and the environment and to create value for shareholders are even clearer.”
“We are one step closer to combining our two companies to create the global leader in consumer packaging,” Bemis president and CEO Bill Austen also said in the statement. “Bemis and Amcor are highly complementary organizations that each possess extraordinary talent, and we are confident that together, we will create an even stronger global enterprise that will benefit our shareholders, employees, and customers over the long term. This is the next exciting chapter for Bemis, and our teams will carry forward the Bemis legacy as they showcase their talents, knowledge, and passion for our customers and inspired packaging solutions.”
Bemis is headquartered in Neenah, Wisconsin.