Sector News

Berry plastics to buy Avintiv for $2.5bn

August 4, 2015
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

September 25, 2022

France and Sweden both launch ‘first of a kind’ hydrogen facilities

Chemical Value Chain

France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).

September 25, 2022

NextChem announces €194-million grant for waste-to-hydrogen project in Rome

Chemical Value Chain

The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.

September 25, 2022

The problem with hydrogen

Chemical Value Chain

At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?