Berry Completes Acquisition, Triples Quarterly Profit
(Photo courtesy of Berry Global)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Berry Global Group (NYSE: BERY) has completed its $475 million acquisition of Ohio-based Clopay Plastic Products Co. Inc. The company is also reporting fiscal first quarter net income of $163 million, up from $51 million during the same period last year.
Clopay produces breathable films and laminates for markets such as hygiene, healthcare, construction, and industrial protective apparel. The company employs nearly 1,500 throughout the world.
"We are extremely excited to complete the acquisition of Clopay and to welcome the Clopay team to our organization," said Tom Salmon, chief executive officer of Berry. "The combination of Clopay with our Heath, Hygiene, & Specialties division strengthens our position within the attractive health and hygiene markets and broadens our presence as a global supplier to many of the leading consumer and industrial product manufacturers which we already serve."
The company says it expects to see annual cost synergies of approximately $20 million as a result of the Clopay acquisition.
Berry’s strong earnings quarter included increases in net sales for each of its divisions: Engineered Materials, Health, Hygiene & Specialties, and Consumer Packaging. You can connect to the full earnings report by clicking here.