Acquisition Enhances Berry's Corrosion Protection Product Offering
EVANSVILLE, Ind. - June 19, 2012 - Today Berry Plastics announced that it has completed the acquisition of the shares of Frans Nooren Beheer B.V. The purchase comprises the Frans Nooren Beheer Companies, notably STOPAQ B.V. and its operating companies. STOPAQ® had revenues of approximately € 23 million for 2011. Berry expects the acquisition to be immediately deleveraging after achieving synergies.
STOPAQ is the inventor and manufacturer of patented visco-elastic technologies for use in corrosion prevention, sealing and insulation applications ranging from pipelines to subsea piles to rail and cable joints. Headquartered in Stadskanaal, The Netherlands, STOPAQ operates a state-of-the-art manufacturing plant, complete with R&D facilities, an anti-corrosion Technology Park, and Centre of Excellence training and exhibition facilities.
Berry Plastics' Corrosion Protection Group is a part of the Company's Engineered Materials Division and has more than 50 years of solid performance in protecting oil, gas, water, wastewater, and insulated pipelines, as well as other metal structures around the world. Berry's corrosion protection brands include Polyken® Pipeline Tape Coatings, Covalence Heat Shrinkable Products, AnodeFlex Long-Line Linear Anode for CP, and Powercrete® Liquid Epoxy Coatings, and now the STOPAQ line of visco-elastic coatings.
"The combination of STOPAQ with Berry's existing corrosion protection group will allow for solutions unrivalled by competitors in the market space," said Tom Salmon, President of Berry's Engineered Materials Division. "STOPAQ has invested to create modern production facilities, staffed with skilled employees who work as a team to produce products that are globally desired. We look forward to working with the employees of STOPAQ as we integrate our two companies."
J. Frits Doddema, STOPAQ's current CEO, will immediately assume the role of Executive Vice President and General Manager for Berry's global Corrosion Protection Group. "As we begin the integration process, we will explore and implement those initiatives that make optimal use of all assets of the combined businesses, including the products, people, facilities, and brands from both companies," said Doddema. "Most importantly, the research strengths of the combined companies will allow for new innovation and new products utilizing the best features of all products across the group. This combination is a real "Crowning Moment" for all we have built over the last years at STOPAQ."
Frans Nooren, founder of STOPAQ, will serve in an ambassadorial capacity to Berry's Corrosion Protection Group. "I am very pleased with the acquisition and am honored to serve the company in this capacity," said Nooren. "By integrating the STOPAQ line of coatings with the Berry product line under the leadership of Frits Doddema, our people and product innovations are in the best position for future success."
About Berry Plastics
Berry Plastics Corporation is a leading manufacturer and marketer of plastic packaging products. The Company is a major producer of a wide range of products, including open top and closed top packaging, polyethylene-based plastic films, industrial tapes, medical specialties, flexible packaging, heat-shrinkable coatings, specialty laminates, and FIBCs. With headquarters in Evansville, Indiana, the Company serves over 13,000 customers, ranging from large multinational corporations to small local businesses.
Certain statements and information included in this release may constitute "forward looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Berry Plastics to be materially different from any future results, performance, or achievements expressed or implied in such forward looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the companies' SEC filings. The companies do not undertake any obligation to update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.