Australian FMCG packaging giant Amcor has completed the multibillion-dollar buyout of major American rival Bemis.
The combined company effective 11 June 2019 will now operate as Amcor plc, trading on the New York Stock Exchange under the ticker symbol “AMCR” and the Australian Securities Exchange under the ticker symbol “AMC.”
Amcor chief executive Ron Delia described the acquisition as “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,” said Delia.
Amcor manufactures packaging for food, beverage, pharmaceutical, medical, home- and personal-care, and other consumer products. During the 2018 financial year, the multinational generated combined revenues of more than USD $13.4 billion from operations in over 40 countries.
Delia said 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.”
