Berry Plastics to buy specialty materials supplier Avintiv
Acquisition will enhance Berry Plastics’ ability to capitalize on the rapidly growing global markets for hygiene and healthcare with products.
In a bid to capitalize on the rapidly growing global markets for hygiene and healthcare products, plastics packaging technology supplier Berry Plastics Group Inc. is buying specialty materials maker Avintiv Inc. for US$2.45 billion.
Charlotte, N.C.-based Avintiv is said to be one of the world’s leading developers, producers and marketers of specialty materials used in infection prevention, personal care and high-performance products. With 23 locations in 14 countries, an employee base of over 4,500 people and a broad range of process technologies, Avintiv’s strategically located manufacturing facilities position it as a global supplier to many of the same leading consumer and industrial product manufacturers that Berry Plastics supplies, Berry Plastics said in a news release.
“We are extremely excited to welcome the team and global capabilities of Avintiv to the Berry organization,” said Jon Rich, Chairman and CEO of Berry Plastics, in the news release. “The combination of Berry Plastics and Avintiv creates a global leader in plastics packaging and engineered specialty materials with enhanced technology, material and commercial capabilities to more broadly serve our customers.”
Berry Plastics is headquartered in Evansville, Ind.
The transaction is expected to close by the end of 2015.