Berry Completes Purchase of RPC Group
(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 Inc. (NYSE: BERY) has completed its $6.5 billion acquisition of RPC Group Plc. The company says the deal creates one of the world’s largest plastic packaging companies.
The acquisition includes approximately $4.3 billion of cash paid for the equity interest in RPC and $2.2 of net debt and estimated transaction costs.
Berry now has over 290 locations across the globe and employs more than 48,000 people on six continents.
“The acquisition of RPC will give us the opportunity to leverage our combined know-how in innovative material science, product development, and manufacturing technologies to create significant value for our shareholders. Through this shared approach, we anticipate approximately $150 million in annual synergies,” said Berry Chief Executive Officer Tom Salmon.
The purchase was financed with some of the proceeds of Berry’s sale of $1.25 billion of first priority senior secured notes and $500 million in second priority senior secured notes in May 2019, along with two incremental term loans.