Berry Plastics
 |
|
| Public | |
| Traded as | NYSE: BERY |
| Founded | 1967 |
| Headquarters | Evansville, Indiana, USA |
|
Key people
|
Dr. Jonathan (Jon) Rich, CEO |
| Revenue |  US$4.95 Billion (FY 2014)[1] |
 US$316 Million (FY 2014)[1] |
|
| US$62 Million (FY 2014)[1] |
|
| Total assets | US$5.268 Billion (FY 2014)[1] |
| Total equity | US$-117 Million (FY 2014)[1] |
|
Number of employees
|
20,000(Sep 2014) |
| Parent | Apollo Global Management |
| Website | www |
Berry Plastics is a global manufacturer and marketer of plastic packaging products. Headquartered in Evansville, Indiana,[2] the company operates over 99 global manufacturing facilities and employs over 25,000 individuals by the end of financial Year 2012.[3] Following its 2015 acquisition of AVINTIV, its annual sales will exceed $7.2 billion, placing it in the Fortune 500 and making it one of the largest plastics packaging producers in the world.[4] Having acquired more than 30 businesses since 1988, Berry Plastics is one of the most active acquirers of plastic packaging businesses globally.
Since September 2006 the company has been owned by Apollo Management, L.P. and Graham Partners.[5] The management team of Berry Plastics also owns a significant portion of the business. In March 2012, Berry Plastics filed with the SEC to raise up to $500 million in an initial public offering.[6]
History
Berry Plastics was originally established in 1967 as Imperial Plastics. In recent years, Berry Plastics has completed several acquisitions including Mammoth Containers, Sterling Products, Tri-Plas, Alpha Products, PackerWare, Venture Packaging, Virginia Design Packaging, Container Industries, Knight Engineering and Plastics, Cardinal Packaging, Poly-Seal, Landis Plastics, Euromex Plastics S.A. de C.V., Kerr Group, Covalence Specialty Materials (the former Tyco Plastics & Adhesives business),[7][8] Rollpak, Captive Plastics,[9] and MAC Closures. The most recent acquisitions include Superfos and the Pliant Corporation.
Landis Plastics, Inc. was based in Chicago Ridge, Illinois, with five domestic facilities supporting North American customers. Landis manufactured injection molded and thermoformed plastic packaging for dairy and other food products. Landis had experienced robust organic growth in sales of 10.4%(1) over its last 15 years prior to being purchased by Berry Plastics. During 2002, Landis generated $211.6 million of net sales. Landis Plastics, Inc. was purchased by Berry Plastics Corp. in 2003.
In September 2011, Berry Plastics acquired 100% of the capital stock of Rexam SBC. The aggregate purchase price was $351 ($340, net of cash acquired). Rexam SBC’s primary products include plastic closures, fitments and dispensing closure systems, and jars. The business is operated in the Rigid Packaging business. To finance the purchase, the company used cash on hand and existing credit facilities. The Rexam SBC acquisition has been accounted for under the purchase method of accounting, and accordingly, the purchase price has been allocated to the identifiable assets and liabilities based on estimated fair values at the acquisition date.[3]
In July 2015, Berry Plastics announced plans to acquire Charlotte, North Carolina-based AVINTIV for $2.45 billion cash.[4] Following the acquisition, Berry leadership indicated its annual sales will be $7.2 billion which is enough to place it "solidly" in the Fortune 500.
Operations
Berry Plastics manufactures and markets a number of plastic packaging products, including open top and closed top packaging, polyethylene-based plastic films, industrial and duct tapes, medical specialties, heat-shrinkable coatings, and specialty laminates. The company is generally divided into four divisions: (1) Rigid Open Top, (2) Rigid Closed Top, (3) Flexible Packaging, and (4) Engineered Materials.
The company's customer base includes food, dairy, personal care, retail, building supplies, industrial and promotional companies. Clients include Walmart, Target, McDonald's, YUM Brands, Burger King, Starbucks, Pillsbury, Gillette, Procter & Gamble, Colgate-Palmolive, Sherwin-Williams, Rust-Oleum, Borden, Custom Building Products, Milliken, Hershey's, Coca-Cola, Pepsi-Cola, Dean Foods, Kroger, Avon, Bayer, Clorox, L'Oreal, Kraft Foods, General Mills, and Unilever.
References
- ↑ 1.0 1.1 1.2 1.3 1.4 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 3.0 3.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
