Amcor (AMCR) to Acquire Moda Systems

Amcor ( (NYSE: AMCR), a global leader in developing and producing responsible packaging solutions, today announced that it has signed a definitive agreement to acquire Moda Systems, a leading manufacturer of state-of-the-art, automated protein packaging machines.

Based in New Zealand, privately-held Moda Systems designs, assembles and supports innovative, high-performance modular vacuum packaging solutions for the meat, poultry and dairy industries. The acquisition will complement Amcor's existing strength in film, positioning the company to offer an end-to-end packaging solution that encompasses primary packaging, equipment, on-site technical service and parts.

"This acquisition will enable Amcor to offer an exciting new option and choice in automated protein packaging, making us the only flexible packaging manufacturer to own a high-speed, rotary equipment solution for fresh meat," said Amcor Flexibles North America (AFNA) President Fred Stephan. "Combined with our best-in-class film portfolio, we see great strategic value in adding Moda's automation technology, and technical expertise and services, for a range of customizable format solutions beyond a standard shrink bag. This transaction will enable Amcor to further enhance our winning value proposition for our global protein processing customers."

Moda's rotary vacuum system improves operational efficiencies for protein producers, enabling them to optimize labor, improve safety and reduce waste. The system is designed for ease of use in connecting, operating, maintaining and cleaning, and improves throughput and quality. Combined with Amcor's portfolio of meat, poultry, seafood and cheese shrink packaging options, this new solution is expected to further enhance the value Amcor delivers to protein producers.

"We're delighted to join forces with Amcor, an industry leader that shares our commitment to innovation and customer service and support," said Moda Systems Founder and CEO Richard Newcombe. "Together, we will deliver innovative expertise at scale, with a mutual dedication to outperformance. Our complementary capabilities will accelerate Moda's founding mission to offer the most advanced vacuum packaging solutions for our customers."

The acquisition is subject to customary closing conditions and is expected to be completed in the June 2023 quarter.

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