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and . have entered into a definitive merger agreement, pursuant to which Amcor and Berry will combine in an all-stock transaction valued at $8.4 billion.

The move unites two highly complementary ´óÏó´«Ã½es to create a global leader in consumer packaging solutions, with a broader flexible film and converted film offering for customers, a scaled containers and closures ´óÏó´«Ã½, and a unique global health care portfolio, according to a release on the Amcor website.

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The combined company will have unprecedented innovation capabilities and scale, and be uniquely positioned to accelerate growth, solve customers’ and consumers’ sustainability needs, unlock portfolio transformation and deliver significant value to both sets of shareholders, Amcor says.

Says Amcor CEO Peter Konieczny, says, “This combination delivers on our strategy to accelerate growth by putting the customer first, elevating the role of sustainability and orienting the portfolio toward faster growing, higher margin categories. We will have a more complete and more sustainable product offering, supported by stronger innovation capabilities, global scale and supply chain flexibility. We will help global and local customers grow faster and operate more efficiently with a team of exceptional talent.

“As a result, this combination also drives a step change in annual free cash flow, earnings growth and value creation for our shareholders. I, and the Amcor team, look forward to joining with Berry to accelerate change and real impact for our customers and their consumers.”

Adds Berry CEO Kevin Kwilinski, “Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF (Health, Hygiene and Specialties Global Nonwovens and Films) ´óÏó´«Ã½, enhancing our product mix and optimizing our portfolio. Our combination with Amcor is a logical next step in our company’s evolution, and it is a testament to our entire team that we’re well positioned to build on this momentum and deliver even more value to our shareholders.

“We expect to better serve customers through a comprehensive and innovative consumer packaging portfolio and a complementary geographic coverage. Importantly, Berry and Amcor have aligned philosophies focused on safety, employee experience, sustainability, innovation, customer intimacy and functional excellence. We will be better together, and I look forward to all we will achieve as a combined organization.”