Berry Global

Berry Global, Inc is a Fortune 500 global manufacturer and marketer of plastic packaging products.[2] Headquartered in Evansville, Indiana, it has over 290 facilities across the globe and more than 48,000 employees. With $13 billion in revenues in fiscal year 2018, the company is the 6th largest Indiana headquartered company in Fortune Magazine’s ranking.[3] In April 2017, the company changed its name from Berry Plastics to Berry Global, Inc.[4][1]

Berry Global, Inc
TypePublic
NYSE: BERY
Russell 1000 Component
Founded1967
HeadquartersEvansville, Indiana, United States
Key people
Thomas E. (Tom) Salmon, CEO
Revenue US$13 Billion (FY 2018)[1]
US$581 million (FY 2016)
Number of employees
48,000[1] (2019)
Websitewww.berryglobal.com
Headquarters

The company has three core divisions: (1) Health, Hygiene, and Specialties; (2) Consumer Packaging; and (3) Engineered Materials.[5] Berry claims to be the world's leader in manufactured aerosol caps, and also provides one of the most extensive lines of container products. Berry has more than 2,500 clients, including firms as Sherwin-Williams, Borden, McDonald's, Burger King, Gillette, Procter & Gamble, Coca-Cola, Wal-Mart, Kmart, and Hershey Foods.[6]

History

In Evansville, Indiana, a company named Imperial Plastics was founded in 1967. In the beginning the plant employed three workers and produced aerosol caps using one injection molding machine (in 2017 more than 2400 employees worked for Berry Global in Evansville).[7] The company was purchased by Jack Berry Sr. in 1983.[8] Its name was changed to Berry Plastics Corporation. In 1987 the company made its first expansion outside Evansville, opening its second plant, in Henderson, Nevada.

In recent years, Berry has completed several acquisitions including Mammoth Containers, Sterling Products, Tri-Plas, Alpha Products, PackerWare, Venture Packaging, Virginia Design Packaging, Container Industries, Knight Engineering and Plastics, Cardinal Packaging, Poly-Seal, Landis Plastics, Euromex Plastics S.A. de C.V., Kerr Group, Covalence Specialty Materials (the former Tyco Plastics & Adhesives business),[9][10] Rollpak, Captive Plastics,[11] MAC Closures, Superfos, and the Pliant Corporation.

Berry continued to make significant acquisitions, including Knight Engineering and Plastics, Cardinal Packaging, Poly-Seal, Landis Plastics, Euromex Plastics S.A. de C.V., Kerr Group, Covalence Specialty Materials (the former Tyco Plastics & Adhesives business),[9][10] Rollpak, Captive Plastics,[11] MAC Closures, Superfos, and the Pliant Corporation. Landis Plastics, Inc. was based in Chicago Ridge, Illinois, with five domestic facilities supporting North American customers, manufacturing injection molded and thermoformed plastic packaging for dairy and other food products. Landis had experienced robust organic sales growth of 10.4%(1) over its last 15 years, before its purchase by Berry Plastics in 2003. During 2002, Landis generated $211.6 million of net sales.

In September 2011, Berry Plastics acquired 100% of the capital stock of Rexam SBC for an aggregate purchase price of $351 million ($340 million, net of cash acquired), financing the purchase with cash on hand and existing credit facilities. Rexam produces rigid packaging, notably plastic closures, fitments and dispensing closure systems, and jars. The acquisition was accounted for under the purchase method of accounting, accordingly allocating the purchase price to the identifiable assets and liabilities based on estimated fair values at the acquisition date.[12] In July 2015, Berry announced plans to acquire Charlotte, North Carolina-based AVINTIV for $2.45 billion cash.[13]

In August 2016, Berry Global acquired AEP Industries for $765 million.[14]

In April 2017, the company announced that it is changing its name to Berry Global Group, Inc., from Berry Plastics Group, Inc.[15] And in November 2017 Berry announced it had acquired Clopay Plastic Products Company, Inc. for $475 million in cash on a debt-free, cash-free basis.[16]

In August 2018, Berry Global acquired Laddawn for an undisclosed amount.[17]

In July 2019, Berry Global acquired RPC Group for $6.5 billion. Berry’s combined global footprint will consist of over 290 locations worldwide, including locations in North and South America, Europe, Asia, Africa, and Australia. The pro forma combined business will employ over 48,000 people across six continents with sales of approximately $13 billion based on the latest published financial statements of Berry and RPC.[18][19]

References
  1. "Berry completes RPC acquisition, updates operating structure". Plastics News. July 1, 2019.
  2. "Berry Global Group". Fortune. Retrieved 2018-12-21.
  3. "Berry Plastics, Form 8-K, Current Report, Filing Date Oct 9, 2012" (PDF). secdatabase.com. Retrieved February 14, 2013.
  4. "Berry Plastics becoming Berry Global Group". Plastic News. Retrieved 27 April 2017.
  5. "Berry Plastics Group, Inc. Announces New Business Structure". Business Wire. November 13, 2015. Retrieved 12 December 2017.
  6. International Directory of Company Histories, Vol. 21. St. James Press. 1991.
  7. "Berry Global celebrates 50th anniversary". eu.courierpress.com. 2017-09-03. Retrieved 2020-12-20.
  8. "Berry Plastics Corporation History". www.fundinguniverse.com. Retrieved 2020-12-20.
  9. "Berry Plastics completes Covalence merger". Evansville Courier & Press. Retrieved 2007-04-03.
  10. "Combined company will keep the Berry name; corporate headquarters to remain in Evansville". Evansville Courier & Press. Retrieved 2007-03-14.
  11. "Berry Plastics buys N. J. plastic company". Evansville Courier & Press. Retrieved 2008-09-16.
  12. "Berry Plastics, Form 10-K, Annual Report, Filing Date Dec 17, 2012". secdatabase.com. p. 18. Retrieved April 27, 2015.
  13. Orr, Susan (31 July 2015). "Berry Plastics announces "transformational" acquisition". Courier & Press. Retrieved 31 July 2015.
  14. "Berry Plastics Group, Inc. Announces Agreement to Acquire AEP Industries Inc. | Berry Global Group, Inc". ir.berryglobal.com.
  15. "Berry Plastics Changes Name to Berry Global". www.businesswire.com. 2017-04-03. Retrieved 2020-04-08.
  16. "Berry Global Group, Inc. Announces Agreement to Acquire the Clopay Plastic Products Company, Inc., from Griffon Corporation". CNBC. Retrieved 12 December 2017.
  17. "Berry Global Group, Inc. Announces Acquisition of Laddawn, Inc. | Berry Global Group, Inc". ir.berryglobal.com.
  18. "Berry Global Group, Inc. Completes Acquisition of RPC Group Plc | Berry Global Group, Inc". ir.berryglobal.com.
  19. Bloomberg, Chris Hughes |. "Analysis | Nothing Comes Between Goldman Sachs and a Deal". Washington Post. Retrieved 2019-11-19.
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