Latest news with #KevinKwilinski
Fibre2Fashion
03-05-2025
- Business
- Fibre2Fashion
US' Berry posts $2.5 bn in Q2 sales, driven by volume growth
American manufacturer of packaging solutions Berry has generated net sales of $2.5 billion in the second quarter (Q2) of 2025. The change is primarily attributed to increased selling prices of $50 million due to the pass through of higher polymer costs, and 2 per cent organic volume growth, offset by net sales attributed to divestitures of $62 million. The operating income of the company increased primarily due to a $7 million favourable impact from volume increases, a $41 million decline in business integration expenses, and $175 million gain from the divestiture of the Tapes business, partially offset by loss income from the divested business, Berry said in a press release. Berry has reported net sales of $2.5 billion in Q2 FY25, driven by higher selling prices and 2 per cent organic volume growth, partly offset by divestitures. Operating income rose due to cost savings and a $175 million gain from the Tapes business sale. All segments saw volume growth. CEO highlighted strategic moves, including the Amcor merger, to enhance innovation and sustainability leadership. In the consumer packaging—international net sales remained steady at $970 million, with increased selling prices of $32 million driven by higher raw material costs and 1 per cent organic volume growth. These gains were offset by a $20 million decline from divestitures and a 2 per cent negative impact from currency fluctuations. Operating income rose due to a $9 million favourable price-cost spread and a $58 million reduction in business integration expenses. Meanwhile, North America net sales for the above segment grew by 5 per cent to $789 million, supported by 2 per cent organic volume growth and a $9 million increase in selling prices. However, operating income declined, primarily due to an unfavourable price-cost spread, partially offset by the benefits of organic volume growth. In the Flexibles segment, net sales declined by 5 per cent to $761 million, primarily due to a $58 million reduction following the divestiture of the Tapes business. This decline was partially offset by a $9 million increase in selling prices and 2 per cent organic volume growth. Operating income rose mainly due to a $175 million gain from the divestiture, despite the loss of income from the divested business, added the release. 'Berry delivered a solid second quarter result aligned with the expectations we set. All three of our segments, once again, delivered positive volumes, driving 2 per cent overall organic volume growth in the quarter. I am extremely proud of our teams and their focus on delivering these results while managing several strategic portfolio activities, including the sale of our Tapes business and the pending merger with Amcor,' said Kevin Kwilinski, Berry's chief executive officer (CEO). 'Together, we will be among the global leaders in consumer and healthcare packaging solutions with the combined material science and innovation capabilities required to revolutionise product development and better solve customers' needs and consumers' sustainability aspirations,' added Kwilinski. Fibre2Fashion News Desk (SG)
Yahoo
28-04-2025
- Business
- Yahoo
European Commission approves Amcor and Berry merger deal
Packaging companies Amcor and Berry Global Group have secured antitrust approval from the European Commission (EC) for their planned combination. The unconditional approval was granted under the EU Merger Regulation. This marks the final regulatory approval required for the merger to proceed. With the EC's approval, both companies can now move forward with the remaining steps of the merger process. The companies anticipate completing the merger on 30 April 2025, subject to the satisfaction or waiver of certain remaining closing conditions. Last month, Amcor and Berry secured antitrust approval in the US for their proposed $8.4bn merger. The companies have also confirmed receiving additional regulatory approvals from authorities in China and Brazil. This February, shareholders from both companies approved the proposed merger. At that time, Berry CEO Kevin Kwilinski said: 'We are excited to take another important step toward finalising this combination between Berry and Amcor and are pleased the shareholders of both companies clearly recognise the significant opportunities we will have as one company to deliver enhanced value for all stakeholders.' The deal was originally announced in November 2024. The merged company is expected to prioritise consumer packaging solutions, emphasising sustainable product offerings, global reach, and supply chain flexibility. Under the terms of the agreement, Amcor is set to hold around 63% of the combined company, with Berry retaining the remaining 37% stake. Amcor provides packaging solutions across a range of materials for food, beverages, pharmaceuticals, and other products. It collaborates with companies globally to protect products, enhance brand differentiation, and optimise supply chains. On the other hand, Berry is a global packaging provider with over 34,000 employees across more than 200 sites worldwide. The company focuses on designing and manufacturing products aimed at supporting the circular economy. "European Commission approves Amcor and Berry merger deal" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
18-03-2025
- Business
- Yahoo
Berry Global Announces Significant Progress in 2024 Sustainability Report
Company achieves MSCI rating upgrade to AA while advancing circular economy initiatives and exceeding climate targets EVANSVILLE, Ind., March 18, 2025--(BUSINESS WIRE)--Berry Global Group, Inc. (NYSE: BERY) today released its 2024 Sustainability Report, highlighting progress across its sustainability initiatives while delivering value for stakeholders. The report details Berry's advancement toward a circular, net-zero economy through its Impact 2025 strategy. "Our promise of 'Innovation for the World, Solutions for You' isn't just a tagline–it's the foundation of how we're harnessing plastic's benefits while accelerating the transition to a circular, net-zero economy," said Kevin Kwilinski, CEO of Berry Global. "This alignment makes sustainability both a moral imperative and a key business driver for Berry." 2024 Key Achievements The report reveals significant progress across Berry's three sustainability pillars: Products Increased purchases of post-consumer resin (PCR) by 43% year-over-year, from 3.6% to 5.1% of total volume Enhanced recyclability of key products, including redesigning Heinz ketchup closures to eliminate silicone in favor of a mono-material polypropylene design Ensured 93% of Fast-Moving Consumer Goods (FMCG) packaging is either recyclable or has a validated recyclable alternative Increased bioplastics purchases by 130% year-over-year, from 0.6% to 1.5% Performance Reduced Scope 1 and 2 absolute emissions by 28.3% compared to the 2019 baseline, surpassing the 2025 reduction target of 25% two years ahead of schedule Increased renewable energy usage by 31% year-over-year, eliminating 58,089 Metric Tons of carbon dioxide emissions—equivalent to taking more than 13,000 cars off the road Partnered with multiple customers to use renewable energy in production, reducing both Berry's Scope 2 and customers' Scope 3 emissions Partners Improved safety performance with a 6% year-over-year reduction in Total Recordable Incident Rate (TRIR) to 0.76 Achieved an 84% participation rate in Berry's global engagement survey Advanced the 'I Can B Me' initiative through Business Resource Groups and Inclusion Ambassadors, fostering a culture of belonging across all facilities Infrastructure Investment Berry is addressing recycling infrastructure challenges through strategic investments, including the Berry Circular Polymers facility in Leamington Spa, U.K. Through proprietary CleanStream® technology, this facility creates recycled plastic suitable for contact-sensitive applications that meets the most stringent quality and safety standards. The facility has capacity to recycle nearly 40% of all polypropylene waste collected from domestic recycling bins in the UK. Recognition Berry's sustainability progress was recognized with an MSCI rating upgrade from A to AA, reflecting the commitment of team members, customers, and partners worldwide. We also earned EcoVadis Gold, a recognition awarded to the Top 5% of companies assessed by EcoVadis that reflects the quality of the Berry's sustainability management system and its demonstrated commitment to promoting transparency throughout the value chain. "As we look to 2025 and beyond, we invite our stakeholders to join us in this journey as we work to create a world of innovative packaging solutions that make life better for the people and the planet while driving business success," said Robert Flores, SVP Sustainability at Berry. The complete 2024 Sustainability Report is available on the Berry sustainability website. About Berry Global At Berry Global Group, Inc. (NYSE: BERY), we create innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 34,000 global employees across more than 200 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. For more information, visit our website, or connect with us on LinkedIn or X. View source version on Contacts Media Contact: mediarelations@ Dustin StilwellT: +1 812 306 2964E: ir@
Yahoo
28-02-2025
- Business
- Yahoo
Amcor and Berry Global merger approved by shareholders
Global packaging solutions company Amcor and plastic packaging producer Berry Global's shareholders have given their approval for the merger of the two companies, originally announced in November 2024. More than 71% of Amcor's outstanding shares were present or represented by proxy at the vote, with more than 99% voting in favour of the proposal. Similarly, Berry Global saw more than 83% of its shares represented, with over 98% voting in support. The final voting results will be filed by both companies with the US Securities and Exchange Commission (SEC) on Form 8-K. Berry Global Group CEO Kevin Kwilinski said: 'We are excited to take another important step toward finalising this combination between Berry and Amcor and are pleased the shareholders of both companies clearly recognise the significant opportunities we will have as one company to deliver enhanced value for all stakeholders." The anticipated closure of this combination is set for the middle of 2025, pending the fulfilment of closing conditions. Once combined, Amcor and Berry Global are poised to offer improved consumer and healthcare packaging solutions to their customers, leveraging their combined material science and innovation capabilities to drive product development. Amcor CEO Peter Konieczny said: 'The resounding support from both companies' shareholders marks another important milestone in bringing Amcor and Berry together. 'Our combined company will be positioned to serve customers better, grow faster and operate globally in a way neither company could accomplish alone. Together, we have an exciting and unique opportunity to truly transform the future of packaging.' In November last year, Amcor and Berry Global Group entered into the definitive merger agreement to create a consumer packaging solutions company through an all-stock transaction. At the time, the $8.4bn deal was expected to generate annual synergies of $650m. "Amcor and Berry Global merger approved by shareholders" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
26-02-2025
- Business
- Yahoo
Amcor and Berry Global Shareholders Overwhelmingly Approve Combination
Approval marks another significant milestone towards combining these highly complementary businesses ZURICH, Switzerland & EVANSVILLE, Ind., February 26, 2025--(BUSINESS WIRE)--Amcor plc ("Amcor") (NYSE: AMCR, ASX: AMC) and Berry Global Group, Inc. ("Berry") (NYSE: BERY) today announce that at their respective shareholder meetings, held yesterday, shareholders of both companies overwhelmingly voted to approve the combination of these two companies. This approval satisfies the shareholder vote condition for the combination, originally announced in November 2024. Together, Amcor and Berry will be among the global leaders in consumer and healthcare packaging solutions with the combined material science and innovation capabilities required to revolutionize product development and better solve customers' needs and consumers' sustainability aspirations. These two highly complementary businesses are expected to grow faster together in attractive categories and opportunities to further refine the portfolio. With faster growth and $650 million of identified synergies, this combination is expected to drive significant near and long term value for all shareholders. Amcor CEO Peter Konieczny commented, "The resounding support from both companies' shareholders marks another important milestone in bringing Amcor and Berry together. Our combined company will be positioned to serve customers better, grow faster and operate globally in a way neither company could accomplish alone. Together, we have an exciting and unique opportunity to truly transform the future of packaging." Berry CEO Kevin Kwilinski added, "We are excited to take another important step toward finalizing this combination between Berry and Amcor and are pleased the shareholders of both companies clearly recognize the significant opportunities we will have as one company to deliver enhanced value for all stakeholders." More than 71% of Amcor's outstanding shares were present or represented by proxy, and more than 99% of these shares were voted in favor of the relevant proposal. More than 83% of Berry's outstanding shares were present or represented by proxy, and more than 98% of these shares were voted in favor of the relevant proposal. Amcor and Berry will each file the final voting results with the US SEC on Form 8-K. The combination is well advanced and is expected to close in mid calendar year 2025, subject to closing conditions. About Amcor Amcor plc is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries. NYSE: AMCR; ASX: AMC About Berry Berry is a global leader in innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 34,000 global employees across more than 200 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. Important Information for Investors and Shareholders This communication does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. In connection with the proposed transaction between Amcor plc ("Amcor") and Berry Global Group ("Berry"), on January 13, 2025, Amcor filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4, as amended on January 21, 2025, containing a joint proxy statement of Amcor and Berry that also constitutes a prospectus of Amcor. The registration statement was declared effective by the SEC on January 23, 2025 and Amcor and Berry commenced mailing the definitive joint proxy statement/prospectus to their respective shareholders on or about January 23, 2025. INVESTORS AND SECURITY HOLDERS OF AMCOR AND BERRY ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of the registration statement and the definitive joint proxy statement/prospectus and other documents filed with the SEC by Amcor or Berry through the website maintained by the SEC at Copies of the documents filed with the SEC by Amcor are available free of charge on Amcor's website at under the tab "Investors" and under the heading "Financial Information" and subheading "SEC Filings." Copies of the documents filed with the SEC by Berry are available free of charge on Berry's website at under the tab "Investors" and under the heading "Financials" and subheading "SEC Filings." Cautionary Statement Regarding Forward-Looking Statements This communication contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Some of these forward-looking statements can be identified by words like "anticipate," "approximately," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "outlook," "plan," "potential," "possible," "predict," "project," "target," "seek," "should," "will," or "would," the negative of these words, other terms of similar meaning or the use of future dates. Such statements, including projections as to the anticipated benefits of the proposed transaction, the impact of the proposed transaction on Amcor's and Berry's business and future financial and operating results and prospects, the amount and timing of synergies from the proposed transaction, the terms and scope of the expected financing in connection with the proposed transaction, the aggregate amount of indebtedness of the combined company following the closing of the proposed transaction and the closing date for the proposed transaction, are based on the current estimates, assumptions and projections of the management of Amcor and Berry, and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties, many of which are beyond Amcor's and Berry's control. None of Amcor, Berry or any of their respective directors, executive officers, or advisors, provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur, or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor or Berry. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's and Berry's businesses, the proposed transaction and the ability to successfully complete the proposed transaction and realize its expected benefits. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the risk that the conditions to the completion of the proposed transaction (including shareholder and regulatory approvals) are not satisfied in a timely manner or at all; the risks arising from the integration of the Amcor and Berry businesses; the risk that the anticipated benefits of the proposed transaction may not be realized when expected or at all; the risk of unexpected costs or expenses resulting from the proposed transaction; the risk of litigation related to the proposed transaction; the risks related to disruption of management's time from ongoing business operations as a result of the proposed transaction; the risk that the proposed transaction may have an adverse effect on the ability of Amcor and Berry to retain key personnel and customers; and those risks discussed in Amcor's and Berry's respective filings with the SEC. Forward looking statements included herein are made only as of the date hereof and neither Amcor nor Berry undertakes any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Note Regarding Use of Non-GAAP Financial Measures Included in this communication are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include annual cash flow, adjusted cash earnings per share and certain cost, growth and financial synergies of the combined company post consummation of the transaction. In arriving at these non-GAAP measures, Amcor excludes items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. These non-GAAP measures are presented for illustrative purposes only, contain a variety of adjustments, assumptions and preliminary estimates and are not necessarily indicative of what the combined company's actual results of operations or financial condition would be upon completion of the merger. In the view of Amcor's management, the estimated synergies included in this communication were prepared on a reasonable basis, reflecting the best available estimates and judgments of Amcor's management at the time of preparation and presented as of the time of preparation, to the best of Amcor's management's knowledge and belief, the expected course of action and the expected performance of the combined company. While presented with numerical specificity, the estimated synergies presented herein are subject to estimates and assumptions in many respects, inherently uncertain and, as a result, subject to interpretation. The estimates and assumptions used to prepare these estimated synergies may prove not to be appropriate for any number of reasons, including general economic conditions, trends in the packaging industry, including trends in capital spending, inventory and unit production, competition and the risks discussed under the sections entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" in the Joint Proxy Statement. Such estimated synergies do not take into account any circumstances or events occurring after the date such information was prepared and also reflect assumptions as to certain business decisions that are subject to change. These non-GAAP financial measures should not be construed in isolation or as a substitute for, or superior to, results determined in accordance with U.S. GAAP, are not reported by all of Amcor's or Berry's competitors and may not be directly comparable to similarly titled measures of Amcor's competitors given potential differences in the exact method of calculation. View source version on Contacts Amcor Investor Relations Contacts Tracey WhiteheadGlobal Head of Investor RelationsT: +61 408 037 590E: Damien BirdVice President Investor Relations Asia PacificT: +61 481 900 499E: Damon WrightVice President Investor Relations North AmericaT: +1 224 313 7141E: Amcor Media Contacts Australia James StrongManaging DirectorSodali & CoEurope Ernesto DuranAmcor Head of Global CommunicationsNorth America Julie LiedtkeAmcor Director, Media RelationsBerry Investor Relations / Media Contact Dustin StilwellVP, Head of Investor RelationsT: +1 812 306 2964E: ir@ E: mediarelations@ Sign in to access your portfolio
