Amcor is buying Bemis

Rumour has it that Amcor is finalising an AU$7 billion buyout of US plastics packaging company Bemis. Amcor has gone into a trading halt as it prepares to make a major acquisition announcement.

Bemis provides food, healthcare and consumer goods packaging including foil lids for yoghurt pots, flexible plastic pouches for sauces and soups, and printed plastic wrappers for cheese. With a global workforce of around 16,000 people, about 70% of Bemis’s sales revenue comes from the US.

Amcor has 35,000 employees worldwide and the $17.7 billion company’s shares have risen 230% over the last 10 years. In 2013 the company split off its Australasian packaging and distribution operations into a separate ASX-listed company called Orora to focus on global expansion.

Image compliments Amcor.