BERRY PLASTICS
Merger with Covalence agreed / Combined company will have turnover of over USD 3 bn
US plastic product manufacturers Berry Plastics Group (Evansville, Indiana; www.berryplastics.com) and Covalence Specialty Materials (Bedminster, New Jersey; www.covcorp.com) are to merge in a stock-for-stock deal. The transaction is expected to be completed in April 2007. The new company will retain the Berry Plastics Group name and will become one of the world´s largest packaging companies with combined sales of over USD 3 bn (EUR 2.26 bn).
Berry Group is majority owned by affiliates of private equity companies Apollo Management and Graham Partners which acquired the plastics packaging specialist in 2006 – see Plasteurope.com Web of 04.07.2006. Covalence Holding is also majority owned by affiliates of Apollo Management which it bought from Tyco International (www.tyco.com) in January 2006 – see Plasteurope.com Web of 19.01.2006. Berry Group shareholders will own the majority of the combined company´s common stock following the merger.
Ira Boots, Berry Group´s chairman and chief executive, and Brent Beeler, chief operating officer will remain in the same roles in the combined company. Kip Smith, chief executive officer of Covalence, will remain with the new company running the Covalence businesses.
Berry Plastics manufactures plastic packaging products and produces a wide range of open top and closed top packaging. The company had sales of USD 1.43 bn in 2006 (2005: USD 1.17 bn) and has 25 manufacturing sites worldwide with over 6,800 employees.
Covalence reported turnover of USD 1.76 bn for the year ended 29 September 2006. The company employs around 7,000 people in 37 manufacturing facilities and produces a wide range of products, including polyethylene-based plastic films, industrial tapes, medical specialities, packaging, heat-shrinkable coatings and speciality laminates. Covalence claims to be the leading US producer of rubbish bags, duct tape and niche laminated and coated products.
e-Service:
Berry Plastics annual report 2006 as PDF-Dokument (352 KB)
Covalence Specialty Materials annual report 2006 as PDF-Dokument (21 KB)
Berry Group is majority owned by affiliates of private equity companies Apollo Management and Graham Partners which acquired the plastics packaging specialist in 2006 – see Plasteurope.com Web of 04.07.2006. Covalence Holding is also majority owned by affiliates of Apollo Management which it bought from Tyco International (www.tyco.com) in January 2006 – see Plasteurope.com Web of 19.01.2006. Berry Group shareholders will own the majority of the combined company´s common stock following the merger.
Ira Boots, Berry Group´s chairman and chief executive, and Brent Beeler, chief operating officer will remain in the same roles in the combined company. Kip Smith, chief executive officer of Covalence, will remain with the new company running the Covalence businesses.
Berry Plastics manufactures plastic packaging products and produces a wide range of open top and closed top packaging. The company had sales of USD 1.43 bn in 2006 (2005: USD 1.17 bn) and has 25 manufacturing sites worldwide with over 6,800 employees.
Covalence reported turnover of USD 1.76 bn for the year ended 29 September 2006. The company employs around 7,000 people in 37 manufacturing facilities and produces a wide range of products, including polyethylene-based plastic films, industrial tapes, medical specialities, packaging, heat-shrinkable coatings and speciality laminates. Covalence claims to be the leading US producer of rubbish bags, duct tape and niche laminated and coated products.
e-Service:
Berry Plastics annual report 2006 as PDF-Dokument (352 KB)
Covalence Specialty Materials annual report 2006 as PDF-Dokument (21 KB)
22.03.2007 Plasteurope.com [207717]
Published on 22.03.2007
German version of this article...