Berry Plastics Completes Acquisition of Pliant
Evansville, Indiana, USA, 03 December 2009 -- Berry Plastics Corporation announced today that it has completed the previously announced acquisition of 100% of the common stock of Pliant Corporation, and Pliant Corporation has emerged from bankruptcy effective 03 December 2009. The newly acquired business will be operated as Berry’s Specialty Films Division and will be run by R. David Corey, the former chief operating officer of Pliant. Berry’s current Flexible Films Division will now be known as the Film Products Division.
Barclays Capital acted as the exclusive financial advisor to Apollo Management, Graham Partners, and Berry Plastics in conjunction with the Pliant restructuring process.
Pliant Corporation is a leading producer of value-added film and flexible packaging products for personal care, medical, food, industrial, and agricultural markets. Pliant operates 16 manufacturing facilities around the world and employs approximately 2800 people. The company had annual net sales of USD 0.9 billion for the 12 months ended 30 September 2009.