Download Download this free, 150-page Pharmaceutical Serialization Playbook jam-packed with strategies for success and pitfalls to avoid.  Learn more >>
This content was submitted directly to this Web site by the supplier.
Article |

Berry Plastics Corporation to Acquire Pliant Corporation

Berry Plastics Corporation announced today that it intends to acquire in excess of 99.99% of the common stock of Pliant Corporation upon the emergence of Pliant from bankruptcy.
Print Reprint
FILED IN:  Applications  > Healthcare  > Pharmaceutical
     

On October 6, 2009, the U.S. Bankruptcy Court for the District of Delaware confirmed the joint reorganization plan proposed by an affiliate of Apollo Management, L.P. and Pliant. As a part of the Plan, Berry is entitled to receive up to 25% of the common equity of Pliant. Berry now also intends to acquire the remaining 75% of the common stock available under the Plan. Berry is currently evaluating its options with respect to financing the equity investment in Pliant. Pliant will remain separately capitalized as an unrestricted subsidiary of Berry.

Ira Boots, Chairman and CEO of Berry Plastics Corporation, stated "Pliant Corporation brings to Berry an important group of customers, employees, manufacturing locations and products. Their film product line enhances Berry's current offering with innovation and broader market appeal. Berry's rigid plastic packaging offering will be extended with the addition of Pliant's flexible packaging. With Berry acquiring Pliant, customers will be better served with a financially strengthened full service company."

Berry will operate Pliant as an additional operating division. The transaction is anticipated to close by the end of the year. The Berry transaction described above is subject to receipt by Berry of necessary financing and customary regulatory approvals. An affiliate of Apollo Management remains obligated to fulfill its obligations under the Plan should these conditions not be satisfied.

Comments(0)

Add new comment

ADVERTISEMENT
E-BOOK SPECIAL REPORT
42 Best Package Designs
Sign up to receive timely updates from our editors and download this e-book consisting of our editors' picks of most notable package designs. Updated for 2014!
x

Newsletters

Don't miss intelligence crucial to your job and business!
Click on any newsletter to view a sample. Enter your email address below to sign up!
GENERAL INTEREST
PACKAGE DESIGN/DEVELOPMENT
Each newsletter ranges in frequency from once per month to a few times per month at most.

indicates a sponsored article that was submitted directly to this web site by the supplier, and was not handled by the PW editorial staff. Packaging World may share your contact information with our sponsors, as detailed in our Privacy Policy. Packaging World will not share your information with a sponsor whose content you have not reviewed.