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Berry Plastics strikes $765 million deal for AEP Industries
HOUSTON, August 25, 2016 (PCW) -- Berry Plastics announced a deal to purchase rival polyethylene film producer AEP Industries for $765 million.
The deal, subject to regulatory approval, would expand Berry's 3.3 billion lbs/year resin consumption by 1 billion lbs/year. About 90% of Berry's resin consumption is polyethylene or polypropylene.
The deal is expected to close in 4Q 2016.
In the four quarters ending April 2016, AEP had net sales of $1.1 billion. Berry had net sales of $1.467 billion for the most recent four quarters.
Previous acquisitions by Berry Plastics include AVINTIV Inc in October 2015 ($2.3 billion) and Rexam Healthcare Containers and Closures in June 2014 ($133 million). -- David Barry