Amcor and Berry Global complete historic business merger

Amcor has completed its all-stock combination with Berry Global. The business merger offers new growth opportunities and yields an estimated US$650 million in synergies. 

Earlier this week, the European Commission granted the two packaging leaders antitrust approval for their business combination. 

“As a clear leader in consumer and healthcare packaging with a broad global footprint, Amcor is now better positioned to meet customer and consumer needs as markets continue to evolve,” says Amcor’s CEO Peter Konieczny. 

Amcor says the business combination will improve its position in the consumer and healthcare packaging sectors and provide “unique” material science and innovation capabilities. These will be harnessed to boost product development and meet customers’ and consumers’ sustainability demands.

“This combination delivers on our strategy to become a stronger company with a broader, more complete offering for customers and enhanced positions in attractive categories,” says Konieczny.

“Our focus now turns to delivering on synergies and growth opportunities, including leveraging our extensive global footprint and enhanced innovation and R&D capabilities while further refining our portfolio.” 

Unlocking growth opportunities

In fiscal 2026, before taking into account growth in the underlying business, Amcor says it expects delivery of US$260 million of pre-tax synergies alone to drive adjusted earnings per share (EPS) accretion of approximately 12%. 

By the end of fiscal 2028, the company expects total pre-tax synergy benefits to build to approximately US$650 million and to have delivered an additional US$280 million one-time cash benefits from working capital improvements. 

Amcor expects annual cash flow to exceed US$3 billion by fiscal 2028 — including full run-rate synergies — providing “significant capacity” for the global packaging company to fund reinvestment, value accretive M&A, and shareholder returns through a growing dividend and share repurchases.

“The outstanding work our teams have completed over the past several months enables Amcor to enter fiscal 2026 in a better position than we anticipated, with a synergy run rate that will start strong and build quickly through the year. We are now uniquely positioned to deliver more consistent growth, further improve margins, and drive compelling near- and long-term value for shareholders,” says Konieczny.