Top 5 Packaging Industry M&A Deals in 2024
The global packaging industry was valued at $1.17 trillion in 2023, according to Smithers. Their research projects steady growth, with the market anticipated to reach approximately $1.42 trillion by the year 2028 and a compound annual growth rate (CAGR) of 3.9% over the period.
One notable trend in the industry in 2024 was the rise of consolidation, fueled by numerous merger and acquisition deals (M&A)—many which are amongst the top 10 packaging companies in the US by revenue (2023).
In this blog, we will explore five notable M&A deals from 2024 that occurred in the packaging industry and are bound to reshape how the industry operates, including:
Smurfit Kappa’s acquisition of WestRock to form Smurfit WestRock
International Paper’s acquisition of DS Smith
Sonoco’s acquisition of Eviosys
Amcor’s acquisition of Berry Global
Veritiv’s acquisition of Orora Packaging Solutions
Smurfit Kappa Acquires WestRock to Form Smurfit WestRock
In June of 2024, shareholders of global paper packaging giants Smurfit Kappa and WestRock voted on a Transaction Agreement from September 2023 for Smurfit Kappa to purchase WestRock and merge to form Smurfit WestRock—with 99% approving of the agreement. In early July of 2024, Packaging Dive reported that the acquisition of WestRock and the formation of Smurfit WestRock was complete, closing a deal with origins in 2019. Following this merger, Smurfit WestRock is now one of the largest packaging companies in the world, making them a giant in the paper packaging sector and employing over 100,000 people in 40 countries.
Deal Value: $12.7 billion USD
Combined Revenue (2023): $34 billion USD
WestRock Products & Services: corrugated boxes, paperboard containers, folding cartons, retail point-of-purchase displays, packaging for consumer goods (food & beverage, pharmaceuticals, etc.), printing and design services, distribution solutions, recycling programs.
Smurfit Kappa Products & Services: corrugated boxes and packaging solutions, honeycomb packaging, corrugated sheet board, display and point-of-purchase displays, retail packaging, eCommerce packaging, industrial packaging, consumer packaging, and other services.
Read more on Smurfit WestRock here.
International Paper Acquires DS Smith
Another notable paper packaging M&A in 2024 was International Paper’s acquisition of UK-based DS Smith, with 99% International Paper shareholders voting in favor of the acquisition in October of 2024. Packaging Dive highlights that DS Smith shareholders also approved of the transaction in October. More information about the merger should come out in the following months. Once combined, International Paper Co. will be one of the largest paper packaging companies in the world, rivaling newly formed Smurfit WestRock in European and North American markets.
It should be noted that this deal is still in process and came on the heels of Mondi’s withdrawn acquisition offer for DS Smith in April 2024. Mondi is an $8B+ paper and packaging company based in the UK.
Deal Value: $7.2 billion USD
Combined Revenue (2023): $30.6 billion USD
International Paper Products & Services: corrugated boxes, retail and point-of-purchase displays, paper bags, pulp products, paper-based packaging materials, recycling programs, packaging design services, and more.
DS Smith Products & Services: eCommerce packaging, retail and point-of-purchase displays, industrial packaging, promotional packaging, food contact packaging, kraft linerboard, recycled medium, recycling services, and more.
Read more on International Paper’s acquisition of DS Smith here.
Sonoco Acquires Eviosys
Moving from paper packaging M&As to food packaging, another notable deal in 2024 was the finalization of Sonoco’s acquisition of Eviosys in early December of 2024. A Sonoco press release highlights how they first approached Evisosys about the purchase in June of 2024. Sonoco plans to utilize Evisosys’s prominence as a leading metal packaging and food can manufacturer in Europe in their Consumer Packaging segment, becoming a Sonoco brand. The acquisition is set to make Sonoco a global leader in metal food can and aerosol packaging solutions.
Deal Value: $3.9 billion USD
Combined Revenue (2023): $9.75 billion USD
Sonoco Products & Services: flexible pouches and packaging solutions, rigid plastic and paper containers, metal packaging, blister packs, cores and tubes, speciality adhesives, protective materials, specialty plastics, uncoated recycled paperboard, healthcare and medical device packaging, food packaging, graphic management solutions, recycling programs, and more.
Eviosys Products & Services: metal cans and food packaging solutions, effective closures, metal tins, aerosol cans, packaging design services, technical services, and more.
Read more on Sonoco’s acquisition of Evisosys here.
Amcor Acquires Berry Global
Pivoting to plastic packaging and healthcare packaging, a notable packaging industry M&A deal in 2024 was Amcor’s acquisition of Berry Global, announced by Amcor in November of 2024. Packaging Dive reports that they expect a finalization of the deal in mid-2025; once complete, Amcor is projected to have “greater reach than any other packaging company in the world” and be the largest purchaser of resin on a global scale. Once combined, Amcor will have around 70,000 employees and operations in over 140 nations.
Deal Value: $8.4 billion USD
Combined Revenue: $27.2 billion USD
Amcor Products & Services: food and beverage packaging, healthcare packaging and thermoformed trays, home care packaging, personal care product packaging, pet food and pet care packaging, specialty cartons, rigid plastic packaging, technical application packaging, and more.
Berry Global’s Products & Services: plastic trays, lids, tubes, jars, medical devices, drinking cups, containers, apparel, plastic bottles and vials, plastic bags, product development services, manufacturing services, technical and tooling services, and more.
Read more about Amcor’s planned acquisition of Berry Global here.
Veritiv Acquires Orora Packaging Solutions
The last packaging industry M&A we will cover in this piece is Veritiv’s acquisition of Orora Packaging Solutions (Orora’s North American packaging business), with the acquisition being finalized in December of 2024, reports Packaging Gateway. This update follows a binding agreement that was signed in September of 2024 for the acquisition, setting the deal in action. The deal follows a number of acquisitions by Veritiv in the past few years, with the Orora Packaging Solutions purchase set to expand their speciality packaging production and distribution in North America.
It should be noted that Veritiv became a private company only twelve months ago through acquisition by Clayton, Dubilier & Rice, LLC and has executed a series of acquisitions in 2024 in addition to Orora:
Vivabox Solutions—February 2024
AmeriPac—April 2024
PAX Global—November 2024
Arjay Company—December 2024
Deal Value: $1.2 billion USD
Combined Revenue: $9.4 billion USD
Veritiv’s Products & Services: cold chain packaging, corrugated boxes and packaging solutions, stretch and shrink films, mailers, adhesives, labels, stock bags, kitting and assembly, package testing services, packaging equipment, custom packaging services, facility solutions and services, print products and services, and more.
Orora Packaging Solutions Products & Services: corrugated packaging, bottles and rigid packaging, flexible packaging and films, folding cartons, cushioning, shipping supplies, cold chain packaging, packaging equipment, retail and point-of-purchase displays, print solutions, facility supplies, and more.
Read more about Veritiv’s acquisition of Orora Packaging Solutions here.
More Top 5 and Top 10 lists related to the packaging industry are in development—stay tuned!
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