EVANSVILLE, Ind.--(BUSINESS WIRE)--Mar. 24, 2014--
Today Berry Plastics Group, Inc. (NYSE:BERY) announced that it has
entered into a definitive agreement to acquire the U.S., Mexico, and
India portions of Rexam’s Healthcare Containers and Closures (C&C)
business. Berry Plastics has also made a binding offer to purchase the
French portion of Rexam’s C&C business, which Rexam may accept after
completion of the required consultation process with the works council
in France. Upon completion of both transactions, Berry Plastics would
pay approximately $135 million for the entire Healthcare Containers and
Closures business unit, with the closing expected to take place in the
second calendar quarter of 2014. The Company expects the acquisition,
which will be funded from existing liquidity, to be deleveraging after
achieving synergies.
The Healthcare Containers and Closures business produces bottles,
closures and specialty products for pharmaceutical and OTC
(over-the-counter) applications. The transaction includes eight
manufacturing locations - five in the United States and one each in
Mexico, France, and India, with total employment of approximately 1,500
and 2013 sales of $262 million.
“The proposed acquisition of the Rexam Healthcare Containers and
Closures business is directly aligned with our fundamental strategic
initiatives,” said Jon Rich, Chairman and CEO of Berry Plastics. “The
U.S. portion of the business has a highly synergistic fit with our
current healthcare product portfolio, while the facilities located
outside the United States will allow us to increase our presence in the
attractive global healthcare market segment.”
About Berry Plastics
Berry Plastics Group, Inc. is a leading provider of value-added plastic
consumer packaging and engineered materials delivering high-quality
customized solutions to our customers with annual net sales of over $4.6
billion in fiscal 2013. With world headquarters in Evansville, Indiana,
the Company’s common stock is listed on the New York Stock Exchange
under the ticker symbol BERY. For additional information, visit the
Company’s website at www.berryplastics.com.
Forward-looking statements
Certain statements and information included in this release may
constitute "forward looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of Berry Plastics to be materially
different from any future results, performance, or achievements
expressed or implied in such forward looking statements. Additional
discussion of factors that could cause actual results to differ
materially from management’s projections, forecasts, estimates and
expectations is contained in the companies' SEC filings. The companies
do not undertake any obligation to update any forward-looking
statements, or to make any other forward-looking statements, whether as
a result of new information, future events or otherwise.
Source: Berry Plastics Group, Inc.
Berry Plastics Group, Inc.
Media Contact:
Eva Schmitz,
812-306-2424
evaschmitz@berryplastics.com
or
Investor
Contact:
Dustin Stilwell, 812-306-2964
dustinstilwell@berryplastics.com