EVANSVILLE, Ind.--(BUSINESS WIRE)--Jul. 30, 2019--
Berry Global Group, Inc. (NYSE: BERY), today announced it had completed the sale of its Seal for Life (“SFL”) business to Arsenal Capital Partners for approximately $330 million. The SFL business has annual sales of approximately $120 million.
According to Tom Salmon, Berry’s Chairman and Chief Executive Officer, “the decision to sell SFL was made as part of our ongoing portfolio analysis and decision to provide resources to further focus our efforts to deliver growth in targeted markets and advantaged products as we remain firmly committed to this objective. The SFL business has been part of the Berry portfolio since 2007 and has been a strong contributor to the Company. I thank the SFL team for their years of commitment and dedication to Berry and its customers. We wish them well. We will use the proceeds of the sale to repay debt and expedite our primary goal of improving our balance sheet.”
J.P. Morgan Securities LLC acted as the exclusive financial advisor to Berry Global Group, Inc.
Berry Global Group, Inc. (NYSE:BERY), headquartered in Evansville, Indiana, is committed to its mission of ‘Always Advancing to Protect What’s Important,’ and proudly partners with its customers to provide them with value-added protective solutions that are increasingly light-weighted and easier to recycle or reuse. The company is a leading global supplier of a broad range of innovative rigid, flexible, and non-woven products used every day within consumer and industrial end markets. Berry, a Fortune 500 company, has over 48,000 employees and generated approximately $13 billion of sales in fiscal year 2018 on a combined pro forma basis from operations that span over 290 locations on six continents. For additional information, visit Berry’s website at berryglobal.com.
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Source: Berry Global Group, Inc.