Berry Global has entered into a definitive agreement to acquire the Clopay Plastic Products Company, a subsidiary of Griffon Corporation, for $475 million in cash on a debt-free, cash-free basis.
Clopay is a global supplier of printed breathable films as well as an innovator in the development of elastic films and laminates with product offerings uniquely designed for applications used in a number of markets, including hygiene, healthcare, construction and industrial protective apparel.
Clopay has nearly 1,500 employees with a footprint serving markets across the globe with locations in the United States, Germany, Brazil and China. Clopay delivered $461 million in sales and $53 million in operating EBITDA for its fiscal year ending September 30, 2017.
“The proposed acquisition of Clopay is directly aligned with our fundamental strategic initiatives,” says Tom Salmon, CEO of Berry. “We are extremely excited with what Clopay’s global capabilities and unique technology platform will add to our organization. The combination of Clopay with Berry’s Health, Hygiene, and Specialties division broadens our position within the faster growing health and hygiene markets. Clopay will bring Berry new capabilities in the production of technical films, where they are a known innovator with patent protected breathable hygiene films.”