Bemis, Amcor Reach Milestones en Route to Projected Transaction Closing in May
Amcor Limited and Bemis Company, Inc. have reached more key milestones toward completion of their all-stock transaction with the recent filing of shareholder documentation and finalization of Board of Director and senior leadership appointments. Completion of the transaction is expected by May.
The combination of the two complementary companies offers a transformational and unique opportunity to create the global leader in consumer packaging, with the footprint, scale and capabilities to deliver an industry leading value proposition for customers and employees, and the most significant innovations for the environment.
“Since announcing this transaction, we have made significant progress towards closure, and further important steps have been taken today with the finalisation of Board of Director and senior leadership appointments as well as shareholder documentation filings,” says Amcor CEO Ron Delia. “As we approach the closing of the transaction, the opportunities to further strengthen our industry leading value proposition for customers, employees and the environment and to create value for shareholders are even clearer.”
Bemis President and CEO Bill Austen adds: “We are one step closer to combining our two companies to create the global leader in consumer packaging. Bemis and Amcor are highly complementary organizations that each possess extraordinary talent, and we are confident that together, we will create an even stronger global enterprise that will benefit our shareholders, employees and customers over the long term. This is the next exciting chapter for Bemis, and our teams will carry forward the Bemis legacy as they showcase their talents, knowledge, and passion for our customers and inspired packaging solutions.”
Under the proposed combined structure, upon closing, Amcor plc will establish a primary listing on the New York Stock Exchange (NYSE) and will have a listing on the Australian Securities Exchange (ASX).
The transaction remains subject to regulatory approval in the United States and Brazil, and the companies are in advanced discussions with regulators in both countries.
Board of Directors
As previously announced, 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 completion of the transaction will be Arun Nayar, David Szczupak and Philip Weaver.
Senior Leadership Appointments
Amcor has undertaken a thorough process of evaluating the management talent from both companies as well as external candidates, and several senior leadership appointments that will take effect upon completion of the transaction have been announced:
Business Group leaders
- Flexibles Europe, Middle East and Africa: Peter Konieczny, currently Business Group President Amcor Flexibles Europe, Middle East and Africa, will continue in this role overseeing the combined Amcor and Bemis businesses in this region.
- Flexibles North America: Fred Stephan, currently President, Bemis North America, will join Amcor as Business Group President Amcor Flexibles North America, overseeing the combined Amcor and Bemis businesses in this region.
- Flexibles Latin America: Aluisio Fonseca, currently Amcor Vice President Flexibles South America, will be appointed Business Group President for Latin America and will oversee the combined Amcor and Bemis businesses in this region.
- Flexibles Asia Pacific: Michael Zacka, currently Amcor Chief Commercial Officer and President Amcor Flexibles Asia Pacific, will continue in this role overseeing the combined Amcor and Bemis businesses in this region.
- Amcor Specialty Cartons: Jerzy Czubak will continue to lead this business.
- Amcor Rigid Plastics: Eric Roegner will continue to lead this business. Eric joined Amcor in 2018 after spending 13 years in executive roles in Arconic Inc (previously known as Alcoa Inc).
Other leadership announcements
- Sheri Edison, currently Bemis Senior Vice President and Chief Legal Officer, will be appointed Amcor General Counsel.
- Bill Jackson, currently Bemis Senior Vice President and Chief Technology Officer, will be appointed Amcor Flexibles Chief Technology Officer. This is a newly created role and will further enhance the focus and alignment around innovation, research and development across Amcor’s global Flexibles business, to drive further competitive advantage and to meet growing consumer demand for differentiated and sustainable packaging.
- Bill Austen and Mike Clauer, currently Bemis’ Chief Executive Officer and Chief Financial Officer, respectively, will no longer continue in those positions upon completion of the transaction and both have agreed to provide transition support to the combined company on an interim basis, if required.