By PrintAction Staff
By PrintAction Staff
Amcor will acquire Bemis Company Inc. in an all-stock combination to create what they say will be a global leader in consumer packaging.
The transaction will be effected at a fixed exchange ratio of 5.1 Amcor shares for each Bemis share, resulting in Amcor and Bemis shareholders owning approximately 71 percent and 29 percent of the combined company, respectively.
The combination will result in a newly created holding company – New Amcor – incorporated in Jersey. New Amcor’s Board is expected to comprise 11 members, eight of whom are current Amcor directors, and three of whom are current Bemis directors. Amcor’s current Chairman, Graeme Liebelt and current CEO Ron Delia will continue in those roles after the transaction and Delia will continue to serve as the only Executive Director on the Board.
Amcor is a global manufacturer of responsible packaging solutions, supplying a range of rigid and flexible packaging products into the food, beverage, healthcare, personal care and other consumer end markets.
“We are convinced this is the right deal at the right time for both companies, and with the right structure for both sets of shareholders to participate in a unique value creation opportunity. Amcor identified flexible packaging in the Americas as a key growth priority and this transaction delivers a step change in that region,” says Delia. “There are an increasing number of opportunities arising for a leading packaging company to capitalize on shifting consumer needs, an evolving customer landscape and the need to provide responsible packaging solutions that protect the environment.”
Bemis is a supplier of flexible and rigid plastic packaging used by food, consumer products, healthcare and other companies worldwide. Founded in 1858, Bemis reported 2017 net sales of US$4.0 billion. Bemis has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting.
Bemis President and CEO William F. Austen adds, “The combination of Bemis and Amcor is transformational, bringing together two highly complementary organizations to create a global leader in consumer packaging. We believe this combination, which is an exciting growth story for both companies, will benefit all stakeholders.”