10.15.09
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
of Berry.
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.
Pliant will remain separately capitalized as an unrestricted subsidiary
of Berry.
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.