Australian packaging company Amcor has completed previously announced $6.8bn (£5.3bn) merger deal with US-based flexible packaging major Bemis in an all-stock deal.
The combined company will now operate as Amcor Plc (Amcor). It will be trading on the New York Stock Exchange and the Australian Securities Exchange.
Amcor CEO Ron Delia said that the acquisition is “a significant milestone as two strong companies with histories each dating back over 150 years look forward to one great future.”
“The acquisition of Bemis brings additional scale, capabilities and footprint that will strengthen Amcor’s industry leading value proposition and generate significant value for shareholders,” Delia added.
As per the terms of the deal signed in August 2018, Amcor shareholders will own 71% stake in the combined company, while the remaining 29% interest will be owned by the Bemis shareholders.
The completion of the deal follows approval from the US Department of Justice (DOJ) for the merger of packaging firms Amcor and Bemis.
In April 2019, Amcor agreed to sell its three manufacturing facilities units to Tekni-Plex in a deal valued at around $215m (£169.2m), in order to resolve certain specific antitrust concerns raised in the US associated with the proposed merger.
Delia added: “As the global leader in consumer packaging, Amcor is uniquely positioned to capitalize on shifting consumer preferences, an evolving customer and retail landscape, and the increasing need to develop packaging that best protects the product as well as the environment.”
The combined firm is expected to play a key role in the consumer packaging segment, in addition to providing significant value for shareholders, customers and employees, the firms said.
Additionally, the merged entity will have increased exposure to major end markets and product segments, including protein and healthcare packaging, barrier films and foils.
Amcor and Bemis supply a range of rigid and flexible packaging products for customers in multiple sectors.
US-based Bemis is involved in the distribution of rigid and flexible packaging products to customers in the food, consumer, medical, pharmaceutical and other industries.
Australia-based Amcor supplies a range of rigid and flexible packaging products to customers in the food, beverage, medical, pharmaceutical, personal care and other consumer goods sectors.