Amcor: Berry Integration Delivers Higher Synergies Than Planned

Packaging group Amcor generated higher synergies from the acquisition of Berry Global in fiscal 2026 than originally expected. According to the company, realized synergies amounted to USD 285 million. Amcor had initially projected USD 260 million for the first full fiscal year following the combination.

Amcor completed the acquisition of Berry Global on April 30, 2025. The combination expanded the company’s business particularly in flexible packaging as well as containers and closures, while also strengthening its position in packaging for consumer goods and the healthcare sector.

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Overall, Amcor expects annual pre-tax synergies of around USD 650 million by the end of fiscal 2028. Of this amount, approximately USD 530 million is expected to come from cost reductions, USD 60 million from financing savings and a further USD 60 million from additional earnings contributions generated by growth synergies. In addition, the company expects one-time cash benefits of around USD 280 million from working capital improvements.

The cost synergies are expected to result, among other things, from consolidating procurement, optimizing manufacturing and administrative structures, and leveraging the larger corporate platform. On the revenue side, Amcor aims to combine the previously separate product portfolios and gain access to additional customers and markets. Following the combination, the group has manufacturing sites and sales operations in more than 140 countries.

The Berry acquisition has also significantly expanded Amcor’s research and development capabilities. At the time the transaction was announced, the company put the combined annual research and development expenditure at around USD 180 million. According to Amcor, the combined organization had approximately 1,500 employees in research and development, ten innovation centers, and more than 7,000 patents, registered designs and trademarks.

Amcor remains committed to its target of realizing the full synergies of around USD 650 million by the end of the third year following completion of the transaction. When the acquisition closed, the group had already forecast a pre-tax earnings contribution from synergies of USD 260 million for fiscal 2026.

More information: www.amcor.com

Amcor, Zürich, Schweiz

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