AMCOR
Australian group to acquire US packaging company Bemis / USD 6.8 bn merger / New Amcor to focus on consumer flexible packaging in Europe, Asia and the Americas
Packaging group Amcor (Hawthorn / Australia; www.amcor.com) has announced a combination, in an all-stock cash-free transaction, with US flexible and rigid packaging company Bemis (Neenah, Wisconsin; www.bemis.com). The acquisition is valued at USD 6.8 bn (nearly EUR 5.9 bn). Under the definitive agreement, unanimously approved by the respective boards of directors, Amcor shareholders will own approximately 71% of the combined company and Bemis shareholders 29%. The transaction will be made at a fixed exchange ratio of 5.1 Amcor shares for each Bemis share.

The merger of the two companies will be a newly created holding named New Amcor, which will be incorporated in the Channel Island of Jersey and is intended to be tax resident in the UK. The companies are aiming to create a global leader in consumer packaging. Combined annual revenues of the merger are expected to be USD 13 bn, with EBITDA of USD 2.2 bn. Amcor employs approximately 35,000 workers in over 40 countries. For the year ended 30 June 2017, the Australian company generated revenues of USD 9.1 bn and EBITDA of USD 1.4 bn. Bemis has around 16,000 employees worldwide and reported net sales of USD 4.0 bn in 2017. In Europe, the companies' combined revenues are USD 3.2 bn, of which Amcor's is the majority at USD 2.9 bn.

Target markets of the merger include protein and healthcare packaging, as well as innovative technologies in barrier films and foils. Bemis is largely focused on flexible packaging, which means that Amcor – with a flexible packaging share amounting to just over half of its sales – will be greatly expanding this area to two thirds in the future. The companies will also continue a "strong commitment to environmental sustainability," including Amcor's pledge to develop all recyclable or reusable packaging products by 2025 – see Plasteurope.com of 13.06.2018.

Amcor CEO Ron Delia (Photo: Amcor)
New Amcor’s board is expected to comprise 11 members, eight of whom are current Amcor directors and three of Bemis' current directors. Amcor chairman Graeme Liebelt and CEO Ron Delia will continue in their roles after the transaction. Closing of the transaction is subject to regulatory and customary approvals as well as approval by both Amcor and Bemis shareholders, with a targeted closing date in the first quarter of 2019.

Delia says, "Amcor identified flexible packaging in the Americas as a key growth priority and this transaction delivers a step change in that region." The companies' strategies include an enhanced combined global footprint to serve customers in many regions, including Amcor’s positions in Europe, Asia and Latin America, and Bemis’ positions in North America and Brazil. Within three years, Delia is planning on cost synergies of USD 180m per year, among other things, with plants and jobs. The Australian company has 195 manufacturing sites – of which almost half are located in Europe.
07.08.2018 Plasteurope.com [240374-0]
Published on 07.08.2018
Amcor: Mega-Übernahme im VerpackungssektorGerman version of this article...

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