Amcor Limited and Bemis Company, Inc. announce that further, important progress has been made towards completion of their all-stock transaction, with the filing of shareholder documentation and finalisation of Board of Director appointments.
Substantial value is expected to be created for shareholders through the delivery of $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.
Upon completion of the transaction, the Amcor plc Board of Directors will comprise 11 members. Eight of these directors will be the current Amcor Limited directors with the remaining three being current Bemis directors. The Bemis directors joining Amcor’s Board on 3 completion of the transaction will be Arun Nayar, David Szczupak and Philip Weaver.
Amcor is a global leader in responsible packaging solutions, supplying a broad range of rigid and flexible packaging products into the food, beverage, healthcare, personal care and other fast moving consumer end markets.
