EVANSVILLE, IND. (Sept. 1, 3:05 p.m. ET) — Berry Plastics Corp. has completed its $360 million acquisition of Rexam plc's specialty and beverage closures business.
Both Evansville, Ind.-based Berry Plastics and London-based Rexam confirmed the close of the deal on Sept. 1. The transaction was announced in June.
The former Rexam SBC division makes injection and compression molded specialty and beverage closures, jars, and other plastic packaging products for the food, beverage, industrial and household chemical, automotive and beauty end markets.
The business had 2010 sales of about $500 million and employs 1,500. It has eight manufacturing facilities — seven in the United States and one in Brazil. It also has joint venture plants in Malaysia and Mexico and a technical center in Perrysburg, Ohio.
Rexam purchased the business from Owens-Illinois Inc. in 2007.
Berry reported 2010 sales of $4.3 billion and had over 16,000 employees. It operates 84 manufacturing facilities globally.
For the third quarter, the company reported profit of $13 million on sales of $1.2 billion, compared to losses of $22 million on sales of $1.2 billion for the year-ago period.
Berry is owned by affiliates of Apollo Management LP and Graham Partners.