The all-stock deal is valued at $6.8 billion. As part of the deal, Amcor shareholders will own 71 percent of the new company while Bemis shareholders will own 29 percent. When the deal closes early next year, the combined company will be known as Amcor.
Announcing the deal, company officials said in a statement that combining the two complementary companies will create a global commercial packaging leader with combined revenues of $13 billion.
The newly combined company is committed to Bemis’ manufacturing sites in the Fox Valley, said said Bemis President and CEO William Austen. The company employs around 5,000 in Wisconsin in at 10 facilities.
“Our employees will benefit as part of a larger and more global organization focused on a commitment to customer service, integrity and supporting strong teams,” Austen said in the statement announcing the sale. “In addition, the combination will enable us to offer global, regional and local customers the most compelling value proposition in the industry through a broader product portfolio, increased product differentiation and enhanced operating capabilities, while leveraging Bemis’ extensive U.S. manufacturing base and strengths in material science and innovation.”
Founded in 1858, Bemis reported 2017 net sales of $4 billion. The company has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing and converting.