Home Americas Americas: Berry Plastics to buy packaging materials company

Americas: Berry Plastics to buy packaging materials company

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Berry Plastics Group acquires Avintiv for approximately US$2.45 billion in cash on a debt-free, cash-free basis.

Avintiv develops, produces, and markets specialty materials used in infection prevention, personal care, and high-performance solutions.

It has 23 locations in 14 countries, 4,500 employees and process technologies in the industry.

For the 12-month period ended March 2015, the company generated pro forma revenues and adjusted EBITDA of US$2.1 billion and US$303 million, respectively.

Additionally, Berry Plastics expects to realize approximately US$50 million in annual cost synergies.

The proposed transaction, which is subject to customary closing conditions, is expected to close by the end of calendar year 2015.