Amcor to finalise Bemis buyout in May

AmcorPackaging company Amcor announced on Tuesday that it will finalise the takeover of US rival Bemis in May.

It is planning a dual listing on ASX once the deal is finalised and it receives a stamp of approval from regulators in the US and Brazil.

“Since announcing this transaction, we have made significant progress towards closure, and further important steps have been taken today with the finalisation of Board of Director and senior leadership appointments as well as shareholder documentation filings. 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,” Amcor CEO Ron Delia said.

The packaging business said in a statement it aims to deliver an industry leading value proposition for customers and employees and create innovations for the environment. Bemis said it is expecting to deliver US$180 million in pre-tax annual net cost synergies

“We are one step closer to combining our two companies to create the global leader in consumer packaging. Bemis and Amcor are highly complementary organisations 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 president and CEO Bill Austen said.

Amcor has also appointed several senior leaders effective immediately. Bemis CEO Bill Austen and Bemis CFO Mike Clauer will no longer continue in their positions.

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