Berry Plastics to Review Potential Strategic Transactions.Business Editors EVANSVILLE, Ind.--(BUSINESS WIRE)--March 20, 2002 Berry Plastics Berry Plastics a leading maker of injection-molded and thermoformed plastic products for hundreds of products in the following major product areas: open-top containers, closures, drink cups, bottles, tubes, prescription vials, overcaps, and consumer products. Corporation, a portfolio company of First Atlantic Capital, J.P. Morgan Partners and Aetna Life Insurance Company, today announced that its Board of Directors had authorized management to review potential strategic transactions, including seeking proposals from a number of qualified parties. The process initiated by the Board is designed to maximize shareholder value. The Company has retained J.P. Morgan Securities Inc. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. as financial advisors to assist in its review. No assurance can be given that a transaction involving the Company will occur, or on what terms. Ira G. Boots, President and Chief Executive Officer of Berry Plastics, said, "Berry has experienced tremendous growth over the past 12 years. Our strategy of acquiring leading specialty plastics manufacturers, focusing on our high value, niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. brands and expanding our operations to cover global markets is succeeding. After another year of sterling financial performance, the Board and management are seeking to further strengthen the Company's competitive position. We expect the review process to take several months and we will make further announcements as appropriate." Berry Plastics Corporation is a leading manufacturer and marketer of injection-molded and thermoformed plastic open-top containers, aerosol overcaps, closures, drink cups, and housewares house·wares pl.n. Cooking utensils, dishes, and other small articles used in a household, especially in the kitchen. . The company is headquartered in Evansville, Indiana, and, together with its subsidiaries, has plants in Henderson, Nevada; Iowa Falls, Iowa Iowa Falls is a city in Hardin County, Iowa, United States. Iowa Falls is the home of Ellsworth Community College. It is also a regional transportation center, located along U.S. Highways 20 and 65 and the Canadian National and Union Pacific Railroads. ; Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. ; Lawrence, Kansas; Suffolk, Virginia; Monroeville, Ohio; Woodstock, Illinois; Streetsboro, Ohio; Baltimore, Maryland; Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. ; Norwich, England; Milan, Italy and a sales office in Mexico City, Mexico. Berry Plastics' principal owners include affiliates of First Atlantic Capital, J. P. Morgan Partners, Aetna Life Insurance Company and members of Berry's management. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion