EVANSVILLE, IN, November 20, 2008 - Berry Plastics Corporation ("Berry Plastics"), an Apollo Management, L.P. and Graham Partners portfolio company, announced today that it has completed the acquisition of certain assets of Erie County Plastics Corporation, a custom injection molder of plastics packaging and components. Erie Plastics previously filed for bankruptcy protection on September 29, 2008, and Berry Plastics was the successful bidder for the majority of the assets of Erie Plastics including equipment, inventory and other tangible and intangible assets. Total consideration was approximately $6.5 million which included approximately $1.0 million of cash on hand at Erie Plastics and approximately $1.8 million of accounts receivable that were retained by the senior secured lenders. The remaining $3.7 million was paid by Berry Plastics from available cash on hand.
Robert Weilminster, Vice President of Corporate Development for Berry Plastics, stated, "Erie Plastics is a business with a long respected history in plastic packaging. The workforce has done an outstanding job continuing the operations of the business during a difficult time."
About Berry Plastics
Berry Plastics is a leading manufacturer and marketer of plastic packaging products. Berry Plastics 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, packaging, heat-shrinkable coatings and specialty laminates. The company's 17,000 plus customers range from large multinational corporations to small local businesses. Based in Evansville, Indiana, the company has 68 manufacturing facilities worldwide and nearly 14,000 employees.