Berry Plastics

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Berry Plastics Corporation
Type Public
Traded as NYSEBERY
Founded 1967
Headquarters Evansville, Indiana, USA
Key people Dr. Jonathan ("Jon") Rich, CEO
Revenue Increase US$4.766 Billion (FY 2012)[1]
Operating income Increase US$325 Million (FY 2012)[1]
Net income Increase US$2 Million (FY 2012)[1]
Total assets Decrease US$5.106 Billion (FY 2012)[1]
Total equity Decrease US$-475 Million (FY 2012)[1]
Employees 25,000(Sep 2012)
Website www.berryplastics.com

Berry Plastics is a global manufacturer and marketer of plastic packaging products. Headquartered in Evansville, Indiana,[2] the company operates over 80 global manufacturing facilities and employs over 25,000 individuals by the end of financial Year 2012.[1] With annual sales exceeding $5 billion, it is one of the largest plastics packaging producers in the world.[3][4] It is also one of the most active acquirers of plastic packaging businesses globally, having acquired more than 30 businesses since 1988.

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[edit]

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),[3][7] Rollpak, Captive Plastics,[8] 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. [1]

Operations[edit]

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[edit]

  1. ^ a b c d e f g "Berry Plastics, Form 10-K, Annual Report, Filing Date Dec 17, 2012". secdatabase.com. Retrieved Feb 14, 2013. 
  2. ^ "Berry Plastics, Form 8-K, Current Report, Filing Date Oct 9, 2012". secdatabase.com. Retrieved Feb 14, 2013. 
  3. ^ a b "Berry Plastics completes Covalence merger". Evansville Courier & Press. Retrieved 2007-04-03. 
  4. ^ Beltran, Luisa. "With IPO, Berry Plastics Could End String of PE Ownership". PEHUB. Retrieved 27 March 2012. 
  5. ^ "Home > Corporate > News". Berry Plastics. April 23, 2010. Archived from the original on October 26, 2010. Retrieved June 19, 2012. 
  6. ^ "Berry Plastics Group files for IPO of up to $500 mln". Reuters. Mar 23, 2012. 
  7. ^ "Combined company will keep the Berry name; corporate headquarters to remain in Evansville". Evansville Courier & Press. Retrieved 2007-03-14. 
  8. ^ "Berry Plastics buys N. J. plastic company". Evansville Courier & Press. Retrieved 2008-09-16. 

External links[edit]