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Berry Plastics Group makes public debut



Published November 16, 2012
Related Searches: IDEA coatings
Berry Plastic Group made its public debut earlier this month on Oct. 4, 2012. The company sold 29.4 million shares for $16 a piece on the New York Stock Exchange under the ticker symbol "BERY." It raised $470 million in gross proceeds in the offering process and based on the offer price of $16 per share, the firm is valued at $1.8 billion, according to IPO analyst Robert Broens, writing for SeekingAlpha.com, a website dedicated to stock analysis and investment idea exchange.

The major banks that brought the company public were Bank of America, Merrill Lynch, Citigroup, Barclays, Deutsche Bank Securities, Credit Suisse, and Goldman Sachs, among others.

Berry Plastics 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, Ind., the Berry Plastics serves over 13,000 customers, ranging from large multinational corporations to small local businesses, and has over 15,000 employees. The company has reported a net annual sales growth rate of 24 percent over the past 11 years, and during the past six years has acquired 11 businesses. Annual revenues of $4.56 billion were reported for Berry's fiscal 2011.