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Slide #7. Berry Plastics — Rexam's Healthcare Containers and Closures Business
Berry Plastics (NYSE:BERY)
Rexam's Healthcare Containers and Closures Business
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.
Berry Global Group is a supplier of a range of non-woven products used within consumer and industrial end markets. Co.'s segments are: Consumer Packaging International, which includes closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, polythene films, recycling, and technical components; Consumer Packaging North America, which includes containers and pails, closures and overcaps, and bottles and prescription vials; Engineered Materials, which includes stretch and shrink films, converter films, tape products, and food and consumer films; and Health, Hygiene and Specialties, which includes health products, hygiene products, and specialties products.
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Strong Buy (3.55 out of 4)