NEENAH, Wis. (WBAY) - Neenah-based Bemis Corporation is now part of Amcor.
The Australian firm announced it completed the acquisition of the flexible packaging maker on Tuesday in an all-stock transaction making Bemis a direct, wholly-owned subsidiary.
Amcor, which now operates as Amcor Plc, makes packaging for food and beverages, pharmaceutical and medical products and consumer goods, from shrink wrap to free-standing pouches.
There was no announcement of changes in the current employment or hiring. Bemis employees sent Action 2 News a copy of a letter posted inside the company which reads, "Several items currently produced in New London will be targeted for optimization and movement to lower costs throughout the network, which is anticipated to affect 70 to 100 employees in the facility."
The notice says there are no plans to close the plant at this time.
Action 2 News reached out to Bemis but didn't hear back at the time of this writing.
Combined, Amcor now has about 48,000 employees in more than 40 countries. The company says it and Bemis together had revenues of $13.4 billion (in U.S. dollars) last year.
In a statement, Amcor CEO Ron Delia wrote, "As the global leader in consumer packaging, Amcor is uniquely positioned to capitalize on shifting consumer preferences, an evolving customer and retail landscape, and the increasing need to develop packaging that best protects the product as well as the environment."
The acquisition received antitrust clearance from the U.S. Department of Justice on May 30, and the approval by the Australian federal court on June 4.
Amcor will trade on the NYSE with the ticker symbol AMCR. It's also included on the S&P 500.