Amcor, Bemis Announce Progress Towards Transaction Closing

Amcor Limited and Bemis Company, Inc. announced that further progress has been made towards completion of their all-stock transaction, with the filing of shareholder documentation and finalization of Board of Director and Senior Leadership appointments.
 
The combination of the two complementary companies offers a unique opportunity to create the global leader in consumer packaging. The combination is unanimously recommended by the Boards of Directors of both companies.
 
“Since announcing this transaction, we have made significant progress towards closure, and further important steps have been taken… with the finalization of Board of Director and senior leadership appointments as well as shareholder documentation filings,” Amcor CEO Ron Delia said.
 
“We are one step closer to combining our two companies to create the global leader in consumer packaging,” Bemis President and CEO Bill Austen said. “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.”
 
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 are announced.

• 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. Konieczny joined Amcor in February 2010;
• 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. Stephan joined Bemis during 2017, after spending 20 years leading various businesses at General Electric and at Johns Manville, a Berkshire Hathaway company;
• Flexibles Latin America: Aluisio Fonseca, currently Amcor VP Flexibles South America, will be appointed Business Group president for Latin America and will oversee the combined Amcor and Bemis businesses in this region. Fonseca joined Amcor in 2018, after spending more than 20 years in regional and business unit leadership roles at Tetra Pak;
• 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. Zacka joined Amcor in 2017, bringing extensive experience in the global packaging and food industries including 20 years with Tetra Pak;
• Amcor Specialty Cartons: Jerzy Czubak will continue to lead this business. Czubak joined Amcor in 1994;
• Amcor Rigid Plastics: Eric Roegner will continue to lead this business. Roegner 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 SVP and chief legal officer, will be appointed Amcor general counsel. Edison joined Bemis in 2010;
• Bill Jackson, currently Bemis SVP and CTO, will be appointed Amcor Flexibles CTO. 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. Jackson joined Bemis in 2013;
• Bill Austen and Mike Clauer, currently Bemis’ CEO and CFO, 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.

“The most important task in bringing Amcor and Bemis together is creating a strong team of leaders,” Delia said. “As we prepare for the combination, we have the unique opportunity to turn two strong teams into the industry’s best. I look forward to working alongside all of our talented senior leaders to realize the substantial growth potential of the combined company and to build an even stronger future together.”