Berry Plastics Corporation, an Apollo Management, L.P. and Graham Partners portfolio company, recently announced that it has entered into a definitive agreement to acquire the Rexam specialty and beverage closures business ("Rexam SBC"). Berry will pay approximately $360 million for Rexam SBC and the transaction is expected to close in the third quarter of 2011, subject to customary closing conditions.
Rexam SBC is a manufacturer of injection and compression molded plastic specialty and beverage closures, jars, and other plastic packaging products with eight manufacturing facilities globally. Rexam SBC had 2010 annual net sales of approximately $500 million and has 1,500 employees.
Dr. Jonathan Rich, Chairman and CEO of Berry Plastics Corporation states, "The acquisition of Rexam SBC demonstrates Berry's continued commitment to growing our business through the addition of packaging companies with excellent customers and great products.”
Berry Plastics Corporation