BERY
Industry:
Paper, Containers, & Packaging

DESCRIPTION

Berry Global makes plastic packaging products — pill bottles, cosmetic dispensers, food containers, flexible films, and stretch wrap — sold primarily to consumer goods companies in healthcare, personal care, and food and beverage. Berry operates through three continuing segments: Consumer Packaging International (rigid packaging for non-North American markets), Consumer Packaging North America (containers, foodservice cups, closures, and prescription vials), and Flexibles (stretch films, can liners, retail bags, and agricultural films). A fourth segment, Health, Hygiene & Specialties, was spun off and merged with Glatfelter to form Magnera in November 2024. Berry's business model centers on converting polymer resin into finished packaging through injection molding, thermoforming, and blown film processes. Resin represents roughly half of total costs, and Berry passes resin price changes through to customers contractually, with roughly a two-month lag. Beyond resin, profitability is driven by conversion cost efficiency, volume leverage across ~200 facilities, and product mix — with higher-margin pharmaceutical packaging, dispensing systems, and foodservice products targeted for growth. Under CEO Kevin Kwilinski, Berry has focused on portfolio optimization toward consumer-facing volume, lean manufacturing, and commercial excellence. In November 2024, Berry announced an all-stock merger with Amcor, under which Berry shareholders will receive 7.25 Amcor shares per Berry share and own approximately 37% of the combined company, which would have revenues over $24B. Management has identified $650M in annual synergies, primarily from procurement and overhead reductions.

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