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Amcor, a global multi-substrate rigid and flexible packaging manufacturer, closed its all-stock acquisition of Indiana-based Berry Global on Wednesday – ahead of schedule, Amcor executives touted. CEO Peter Konieczny said in a statement that Amcor will enter fiscal year 2026 “in a better position than we anticipated.”

Amcor reiterated expectations for $650 million in savings by the end of FY2028 — including $260 million in FY2026 — for the consumer and healthcare packaging giant. In a presentation during Amcor’s fiscal Q3 earnings call late Wednesday, executives detailed that this will start as procurement, general and administrative and operations — or footprint optimization — efficiencies, followed by growth and financial synergies. Amcor said these benefits are not contingent on the macroeconomic environment.

The Zurich-based company’s reach now spans approximately 140 countries, with some 400 facilities, 70,000 employees and $23 billion in anticipated sales revenue.

“This combination delivers on our strategy to become a stronger company with a broader, more complete offering for customers and enhanced positions in attractive categories,” Konieczny said in a statement, highlighting plans to further refine the portfolio.

Amcor projects annual cash flow of more than $3 billion by FY2028, “providing significant capacity for Amcor to fund organic reinvestment, value accretive M&A and shareholder returns,” the company announced.

Fred Stephan, who was previously president of Amcor Flexibles North America and then chief operating officer for Amcor, will serve as division president for global flexibles, which covers about 60% of Amcor’s business. Jean-Marc Galvez, who served as Berry’s president of the international consumer packaging division, has been appointed president of global containers and closures at Amcor, which is expected to account for the remaining 40%.

The deal, described as the largest transaction in Amcor’s history, was first announced last November and was previously valued at $8.4 billion. Earlier in 2024, Berry had discussed combinations and other strategic alternatives with multiple other companies. The transaction received respective shareholder approvals in February.

That same month, Konieczny explained that Amcor would consider divestitures from Berry’s portfolio. On Wednesday, Konieczny clarified that “we’re definitely looking at pruning of the portfolio in the context of the combined company” but it “has nothing to do with carving out either legacy Berry or legacy Amcor.”

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Amcor last reported annual net sales of $13.6 billion for its 2024 fiscal year. Berry’s most recent annual net sales totaled $12.3 billion.

Berry released first-quarter results on Wednesday. Net sales totaled $2.52 billion, which represented 2% organic growth. In flexibles, net sales decreased by 5% to $761 million, which Berry partly attributed to selling its tapes business.

Amcor’s sales during the quarter ended March 31 fell about 2% year over year to $3.33 billion. Sales in flexibles increased while rigids declined. Customer and consumer demand was particularly weak in the North American beverages business, CFO Michael Casamento said on the earnings call.

Inflation and subsequent tariff uncertainty have hurt consumer sentiment, Konieczny noted. Now in its fiscal fourth quarter, Amcor expects volume growth will remain muted.

With its fiscal year ending on June 30, Amcor now projects adjusted earnings per share in a narrower range of 72 to 74 cents per share and adjusted free cash flow between $900 million and $1 billion. This takes into account having Berry in May and June.

Editor’s note: This story has been updated with additional information from Amcor’s fiscal Q3 earnings call and presentation late Wednesday.

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