While Amcor has achieved some expected synergies from its all-stock acquisition of Berry Global on April 30, Amcor CEO Peter Konieczny expressed disappointment with the performance of some units during Amcor’s earnings conference call on Thursday.

Total revenues for the fiscal fourth quarter ended June 30, 2025, were $5.08 billion, which missed the Zacks Consensus Estimate of $5.17 billion.  

During Amcor’s earnings conference call, Konieczny spoke at length about 1) why the company’s fourth-quarter results fell short of expectations, 2) the identification of certain businesses that are less aligned with Amcor’s core portfolio, and 3) certain actions the company may take related to those businesses. 

“Synergy realization is tracking to plan, and we remain confident in delivering $650 million in total synergies through fiscal 2028, including $260 million in fiscal 2026,” Konieczny said.

While the acquisition of Berry drove strong increases across several financial metrics, Konieczny said the performance of both legacy businesses fell short of the company’s expectations for two reasons. 

“First, and consistent with broader market data, we experienced sequentially weaker volumes for our consumers and customers in both our flexibles and rigid packaging solution segments through the quarter, particularly in North America,” Konieczny said. “Second, in addition to lower volumes, earnings in the North American Beverage business were negatively impacted by operating challenges at a few high-volume sites, which resulted in higher cost.”

Konieczny noted that North American Beverage is now being run as a separate, dedicated beverage business unit with new and focused management.

Core Portfolio

“We have now conducted a strategic review of our combined portfolio, primarily focused on defining our core portfolio,” Konieczny said. “Going forward, Amcor is the global leader in consumer packaging and dispensing solutions for nutrition and health. … As part of this review, we also identified businesses that are less aligned with our core portfolio, and for these, we will explore alternatives to maximize value.”

More specifically, Konieczny said the company has identified several businesses with combined annual sales of approximately $2.5 billion that are “less aligned with our go-forward core portfolio.”

“For these businesses, we will explore alternatives to maximize value, which may include restructuring partnerships or JV ownership models, cash sales, or a combination thereof,” Konieczny said. “Our $1.5-billion North American Beverage business has been placed in this group, and over the next few quarters we will execute against the work plan I mentioned earlier to strengthen the performance of this business before exploring alternatives.”