A condition of this approval is an agreement to divest three Bemis plants located in the UK and Ireland. Combined, these plants generate approximately $170 million of annual revenue from the sale of flexible packaging for certain healthcare products. This approval preserves Amcor’s European healthcare packaging business, which is substantially larger and participates in attractive, high value end markets.
The process toward securing required antitrust clearances and other regulatory consents in all jurisdictions which are conditional to closing have either been completed or are progressing in line with expectations.
The transaction remains subject to regulatory approval in the US and Brazil, and the companies are in advanced discussions with regulators in both countries.
The transaction is expected to close in the second quarter of calendar year 2019.