Pliant Corporation bought by Berry Plastics
Berry Plastics, the International plastics packaging manufacturer, has agreed to acquire film and flexible packaging producer Pliant Corporation following its emergence from bankruptcy protection.
Based in Evansville, Indiana, Berry will acquire in excess of 99.99% of Pliant's common stock. The US Bankruptcy Court for the District of Delaware approved a joint-reorganisation plan proposed by an affiliate of private equity firm Apollo Management and Pliant earlier this month.
Berry would receive 25% of Pliant's common equity as part of the deal. Berry said that it intends to buy the remaining 75% of stock available under the plan. It is currently examining its options to finance the deal, which is subject to regulatory approval and hope to have a conclusion by the end of the year.
Berry said in a statement that under its new ownership, Pliant will remain "separately capitalised as an unrestricted subsidiary of Berry".
Supplying firms in the personal care, medical, food, industrial and agricultural markets, Plient operates 18 manufacturing plants across the globe and employs around 2,900 people. It generated net sales of $1.1bn in the year ending 31 December 2008.
