Amcor and Bemis report transaction closing progress

Amcor Bemis combo logoAmcor Limited (Melbourne, Australia) and Bemis Co.  Inc. (Neenah, WI) announced that further, important progress has been made towards completion of their all-stock transaction.

The combination of the two complementary companies announced last summer (see A really big deal in plastics packaging: Amcor acquires Bemis to form New Amcor, published August 2018), 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.

Substantial value is expected to be created for shareholders through the delivery of USD $180 million in pre-tax annual net cost synergies, and a stronger financial profile going forward, including higher margins and cash flow and the potential for even stronger growth.

Amcor intends to maintain a competitive, progressive dividend which is expected to increase over time and will have a strong investment grade balance sheet with immediate capacity for further investment or share buy backs.

The combination is unanimously recommended by the Boards of Directors of both companies.Amcor Bemis deal update PQ

 “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,” said Bemis President and CEO Bill Austen said. “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.”

 

Comments (0)

Please log in or to post comments.
  • Oldest First
  • Newest First
Loading Comments...