Berry Plastics buys stock of Pliant Corporation
Posted: December 11, 2009
TBL has learned that Evansville,IN-based Berry Plastics Corp. has completed the acquisition of 100 percent of the common stock of Schaumburg,IL-based Pliant Corp., which has a manufacturing facility in Chippewa Falls. Terms of the transaction were not disclosed.
Pliant, which emerged from bankruptcy protection last week, is a leading producer of value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets. The newly-acquired company will be operated as Berry's Specialty Films Division and will be run by R. David Corey, the former chief operating officer of Pliant.
Berry Plastics is a leading manufacturer of plastic packaging products. The firm produces a wide range of products, including open-top and closed-top packaging, polyethylene and PVC-based plastic films, industrial tapes, medical specialties, heat-shrinkable coatings and specialty laminates. The company has 80 manufacturing facilities worldwide and employs more than 16,000 people.
Pliant Corp. operates 16 manufacturing facilities around the world and employs approximately 2,800 people with reported annual net sales of $900 million in fiscal year 2009.
Barclays Capital acted as the exclusive financial advisor to Apollo Management, Graham Partners and Berry Plastics in conjunction with the Pliant restructuring process. TBL