Acquisition Demonstrates Commitment to Global Growth through
Strategic Entrance into Emerging Asian Packaging Market
EVANSVILLE, Ind.--(BUSINESS WIRE)--Jan. 22, 2014--
Today Berry Plastics Group, Inc. (NYSE: BERY) announced that its
acquisition of the controlling interest of Qingdao P&B Co., Ltd (P&B)
has been approved by the competent approval authority in China. Pending
registration with the local company registry, which is expected to be
completed by February 2014, Berry Plastics will own 75 percent of P&B,
with a minority ownership position retained by Peter Song, who is the
original founder of P&B and the current General Manager of the business.
Song will remain in the same position going forward.
The company will conduct business under the name Qingdao Berry Plastics
Limited and provide rigid plastic packaging and personal care products
to customers located in China as well as globally. P&B has annual
revenues of $34 million. Financial terms of the transaction were not
P&B is an established packaging business with operations and
headquarters in the Qingdao, China free-trade zone, where it operates a
state-of-the-art manufacturing facility. P&B utilizes thermoform,
injection, and automated assembly manufacturing processes to produce
products for multiple markets across China as well as globally, most
predominately serving the food and personal care markets.
“This acquisition is in direct alignment with our strategic objective of
establishing a business presence in emerging global markets,” said Jon
Rich, Chairman and CEO of Berry Plastics. “Berry Plastics is a leader in
the North American plastic packaging market, while P&B is a leader in
China’s packaging market. Through this joint venture, we will capitalize
on our combined business strengths to bring an increased number of
innovative products to the Chinese and Asian markets, allowing us to
best serve our customers and create increased value for our
“P&B has served as a supplier to Berry Plastics for over seven years.
During this time, we have had the opportunity to get to know each other
well and develop a strong relationship. Solidifying this relationship
and becoming part of the Berry Plastics family is a natural progression
and our veteran employees cheer on this new partnership," said Song. "We
are excited to be able to expand our services by tapping into world
class level R&D and manufacturing capabilities to fulfill our customers
About Berry Plastics
Berry Plastics Group, Inc. is a leading provider of value-added plastic
consumer packaging and engineered materials delivering high-quality
customized solutions to our customers with annual net sales of over $4.6
billion in fiscal 2013. With world headquarters in Evansville, Indiana,
the Company’s common stock is listed on the New York Stock Exchange
under the ticker symbol BERY. For additional information, visit the
Company’s website at www.berryplastics.com.
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.
Source: Berry Plastics Group, Inc.
Berry Plastics Group, Inc.
Dustin Stilwell, 812-306-2964