Sector News

Berry plastics to buy Avintiv for $2.5bn

August 4, 2015
Energy & Chemical Value Chain
US-headquartered Berry Plastics has agreed to buy compatriot Avintiv for around $2.5 billion (£1.6 billion). The move allows Berry to diversify from its main activity in food packaging and expand into medical and healthcare materials such as non-woven materials for wipes and filtration, as well as absorbents for nappies and feminine hygiene products.
 
Avintiv (formerly known as PGI Specialty Materials) is almost entirely owned by private equity group Blackstone. The business has recorded net losses for the last four years, with interest payments on debt raised to fund acquisitions contributing significantly to those losses. The deal has been negotiated on a cash-free, debt-free basis, meaning Avantiv’s existing debts will be paid off on completion of the transaction. Berry also expects to be able to make annual operational savings of $50 million.
 
By Phillip Broadwith
 

comments closed

Related News

April 26, 2024

CIECH Group will change its name to Qemetica in June

Energy & Chemical Value Chain

We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.

April 26, 2024

Neste annouces first success in processing pyrolysis oil from discarded tires

Energy & Chemical Value Chain

In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.

April 26, 2024

Sika opens synthetic fibers production facility in Peru

Energy & Chemical Value Chain

Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.

How can we help you?

We're easy to reach