Swiss packaging maker Amcor is set to acquire Indiana-based Berry Global in a deal worth $8.4 billion that is expected to close by mid-2025. The move underscores a continuing trend of consolidation in the packaging industry.

Both companies produce packaging, including cartons, closures and containers, for industries such as food, beverage, pharmaceutical, healthcare, household and personal care. The combined entity will operate in more than 140 countries and have approximately 400 manufacturing sites. Together, they will generate revenues of US$23.7 billion (Amcor: US$13.6 billion, Berry: US$10.1 billion) and EBITDA of US$3.7 billion (Amcor: US$2 billion, Berry: US$1.7 billion). The deal is expected to generate annual synergies of US$650 million. Under the agreement, Amcor shareholders will control 63% of the combined company and Berry shareholders will own the remaining 37%.

This acquisition is Amcor's largest acquisition to date. The company's previous major acquisition was in 2019, when it acquired US-based Bemis for US$5.25 billion. However, that transaction required the divestment of three plants to gain regulatory approval.