Berry Plastics Corp. has released plan to purchase 100% of beleagured films maker Pliant Corpation. Earlier this month, the Evansville, IN plastics manufacturer was given the thumbs up to purchase 25%of Pliant under a reorganization in U.S. Bankruptcy Court. This week, Berry anounced it would acquire 75% of the remaining common stock.
Pliant will remain separately capitalized as an unrestricted subsidiary
Private equity firm Apollo Management LP owns stakes in both
Schaumburg, IL.-based packaging film extruder Pliant and Berry, a major North American injection molder, film extruder and thermoformer.
Pliant has ,900 employees at 18 manufacturing plants around the world.
It reported 2008 sales of $1.1 billion. Berry has 13,400 employees and
66 manufacturing plants.
The deal is scheduled to close by the end of the year.