Amcor buying Wisconsin packager Bemis for $5.25 billion
Photo by Fairfax Media/Fairfax Media via Getty Images
Amcor, an Australian plastic packaging company, has agreed to buy Wisconsin-based rival Bemis for $5.25 billion in stock (12% premium to Friday's closing price).
Why it's a big deal: Because consolidation is the name of the game right now in packaging, due primarily to rising costs.
Bottom line: "Amcor generated sales of $9.1 billion last year servicing sectors ranging from food and beverages to pet care. The company, whose founding dates back to the 1860s, has grown into a global packaging giant employing more than 35,000. By acquiring Bemis, Amcor could bolster its offerings of so-called rigid plastic packaging." — Dana Mattioli & Ben Dummett, WSJ