Amcor PLC (AMCR) Business Profile

What it does

Amcor develops and manufactures packaging and dispensing products used in nutrition, health, beauty and wellness. Its customers use these products to contain and protect goods and present them to consumers. The company makes packaging from materials including polymer resins, aluminum, paper and recycled and bio-based materials.

Its flexible products include packaging made from polymer resin, aluminum and fiber. Its rigid products include containers, closures, dispensers and pharmaceutical delivery devices. Examples of products include cups, lids and containers for food service, as well as barrier packaging for pet food. Amcor works with customers on packaging design and develops new materials, formats and functions when existing solutions do not meet their needs.

The company sells primarily through its own sales force, supported by engineers, designers and service teams. Its customers range from global accounts to retailers and co-packers. Amcor also has a team dedicated to expanding relationships with private-label customers in North America and Europe.

Amcor was founded in 1860 and is headquartered in Zurich. Peter Konieczny is chief executive officer. The company is incorporated in Jersey and had approximately 75,000 employees globally as of June 30, 2026.

How it makes money

Amcor earns revenue by manufacturing and selling packaging and dispensing solutions. Its business has two reporting segments: Global Flexible Packaging Solutions and Global Rigid Packaging Solutions. Both sell to customers across a range of end markets and regions.

The flexible segment supplies packaging made from materials such as polymer resin, aluminum and fiber. The rigid segment makes containers, closures, dispensers, pharmaceutical delivery devices and related products. In fiscal year 2026, flexible packaging accounted for approximately 55% of consolidated net sales and rigid packaging for approximately 45%.

Fiscal year 2026 annual sales were $23.5 billion; fiscal Q1 2027 quarterly revenue was $6.1 billion.

Prices can change with input costs. Amcor generally passes increases in raw material prices to customers over time, including through contractual mechanisms. The company also uses contractual pass-through clauses for some energy and distribution costs; other parts of the business recover those costs through price increases. The timing of these recoveries can affect results. In fiscal Q1 2027, Amcor passed through $435 million in higher resin costs, while later increases in energy and distribution costs created a transition-period headwind.

Demand is moderately seasonal, usually increasing toward the middle of the calendar year as beverage and food demand rises in certain markets. Amcor historically has generated less operating cash flow in the six months ending December 31 than in the six months ending June 30, reflecting seasonality, working capital needs and the timing of certain payments.

Customers and how it sells

Amcor serves thousands of customers through sales offices and plants across Europe, North America, Latin America and Asia-Pacific. Its technically trained sales force is supported by product development engineers, design technicians, field service technicians and customer service teams. No single customer accounted for more than 10% of consolidated net sales in any of the last three fiscal years.

The company serves food, beverage, healthcare, beauty and other consumer-product markets. It focuses on large global accounts and private-label customers, including retailers and co-packers. Its private-label organization is intended to expand relationships in North America and Europe. In food service, Amcor has won new quick-service restaurant business with polypropylene cups, lids and containers.

Amcor generally sources and manufactures products in the local markets where they are sold. Its flexible segment had approximately 190 manufacturing and support facilities in 33 countries as of June 30, 2026. Its rigid segment had approximately 210 such facilities in 33 countries on the same date.

The company has identified China, India, Brazil and Mexico as priority emerging markets. It is adding manufacturing capacity in China, where its products serve food, healthcare and beauty customers.

Suppliers and costs

Amcor’s major raw materials include polymer resins and films, paper, paperboard, inks, solvents, adhesives and aluminum. It purchases these from a variety of global industry sources and is not significantly dependent on any one raw-material supplier. It manages supply through supplier relationships, inventory and alternative sources where practical.

The company has experienced industry-wide shortages, including disruptions following the Middle East conflict that began in February 2026. Shortages and other factors can increase raw-material price volatility. Amcor generally can pass higher raw-material prices to customers over time, but energy and distribution costs may be recovered through different mechanisms.

Its cost base also includes labor, manufacturing, distribution and research and development. Amcor spent approximately $170 million on R&D in fiscal year 2026. In fiscal Q1 2027, it faced higher energy and distribution costs, and the company expected price and cost actions to address the current inflationary trend by the end of the calendar year.

Amcor also had approximately $500 million in increased working capital across inventories and receivables associated with the Middle East conflict. It expected to recover that amount by the end of 2027.

Competitive position

Amcor competes in markets where customers consider service, sustainability, innovation, quality and price. Named competitors include Avery Dennison, Ball, International Paper, Packaging Corporation of America and Smurfit WestRock, as well as other public and private companies. These companies compete across Amcor’s packaging markets; their named presence does not establish that each competes in every product or geography.

Amcor supports customer relationships with a direct sales force and technical teams. It has manufacturing and support facilities across multiple regions, and its product development work includes materials, formats and barrier properties. The company spent approximately $170 million on R&D in fiscal year 2026 and has over 7,000 patents, registered designs and trademarks. It also keeps certain technologies and processes as trade secrets.

Our reading: Amcor’s geographic reach and technical support offer a meaningful competitive advantage for customers seeking service and supply across markets, though competition remains intense. Our reading: Its intellectual property and development capabilities support differentiation, but the company says the loss of any single patent or license alone would not materially affect results.

Growth opportunities

Amcor aims to grow through packaging innovation, customer relationships, expansion in selected markets and acquisitions. Its strategy includes orienting the portfolio toward categories with higher growth and margins and using its materials science and technical capabilities to develop products with customers.

The company is investing in China manufacturing capacity and focusing on China, India, Brazil and Mexico. It has also established a private-label organization to develop relationships with retailers and co-packers in North America and Europe. In fiscal Q1 2027, Amcor reported 1% organic volume growth, including 3% volume growth in its focus categories. It identified pet food and food service as areas contributing to growth.

Amcor completed its merger with Berry Global Group in April 2025. It targets approximately $530 million of pre-tax cost synergies, $60 million in annual financial synergies and $60 million in pre-tax earnings benefits from growth synergies by June 30, 2028. New business awards from growth synergies totaled $170 million in annual sales, and Amcor expects to exceed its initial three-year target of $280 million in growth synergies over time.

The company is also reviewing businesses that are less aligned with its core portfolio. Possible actions include restructuring, partnerships, joint ventures and sales; the North American beverage business remains under review.

Structural risks

• Input costs and supply: Shortages and volatility in raw materials, energy and logistics can raise costs and disrupt supply. Although Amcor generally passes raw-material increases through over time, recovery of energy and distribution costs can be delayed.
• Consumer demand: Economic conditions, inflation and regulatory developments can affect demand for Amcor’s products. Softer consumer demand and customer order volatility affected certain markets in fiscal year 2026.
• Global operations: Exchange-rate movements, inflation, trade restrictions, sanctions, geopolitical events and changing local laws can affect operations and profitability across the company’s markets.
• Debt and liquidity: Indebtedness may limit Amcor’s flexibility or lead to a credit-rating downgrade, increasing borrowing costs. Its long-term access to liquidity depends on operating results and funding availability.
• Technology and legal exposure: Cybersecurity disruptions or loss of sensitive information could affect results. Legal proceedings, product liability claims, environmental obligations and intellectual-property disputes could also cause financial or reputational harm.
• Merger and portfolio actions: Amcor is still integrating Berry and pursuing a review of selected businesses. The Berry plan involves restructuring and integration expenditure, while the portfolio review has no definitive completion timetable.

Bottom line

Our reading

Amcor is a global consumer-packaging manufacturer whose business rests on supplying flexible and rigid products across a wide range of customers and markets. Its scale, technical capabilities and Berry integration offer avenues for growth and savings, while competitive pricing, input-cost recovery and execution of the integration remain important to results. Its exposure also includes consumer demand, debt and working capital tied up by supply disruptions.