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March 24, 2014
08:31 EDTBERY, REXMYBerry Plastics offers to acquire Rexam's Healthcare C&C business for $135M
Berry Plastics Group (BERY) announced that it has entered into a definitive agreement to acquire the U.S., Mexico, and India portions of Rexam’s (REXMY) Healthcare Containers and Closures business. Berry Plastics has also made a binding offer to purchase the French portion of Rexam’s C&C business, which Rexam may accept after completion of the required consultation process with the works council in France. Upon completion of both transactions, Berry Plastics would pay approximately $135M for the entire Healthcare Containers and Closures business unit, with the closing expected to take place in the second calendar quarter of 2014. The company expects the acquisition, which will be funded from existing liquidity, to be deleveraging after achieving synergies. The Healthcare Containers and Closures business produces bottles, closures and specialty products for pharmaceutical and OTC applications. The transaction includes eight manufacturing locations - five in the United States and one each in Mexico, France, and India, with total employment of approximately 1,500 and 2013 sales of $262M.
News For BERY;REXMY From The Last 14 Days
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November 25, 2015
17:00 EDTREXMYBall offers to divest 11 factories to gain approval for Rexam deal, Reuters says
Ball Corp. (BLL) has offered to divest 11 European plants to get approval from the region's regulators for its proposed acquisition of Rexam (REXMY), reports Reuters, citing sources. Nine of the plants produce beverage cans while two make can ends, said the report, adding that the divestiture proposal was submitted to the European Commission last week. Reference Link
November 20, 2015
12:46 EDTREXMYBall Corp. says EC review timetable automatically extended to January 22, 2016
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November 13, 2015
08:34 EDTBERYBerry Plastics sees FY15 adjusted free cash flow roughly $475M
Free cash flow estimate adjuted after deducting the $57M payment in October 2015 under the company's tax receivable agreement. Sees FY15 capital spending $285M. Within adjusted free cash guidance, the company is also assuming other cash taxes of $30M and other cash uses of $45M related to items such as acquisition integration expenses and costs to achieve synergies.
08:32 EDTBERYBerry Plastics reports Q4 adjusted EPS 50c, consensus 46c
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08:26 EDTBERYBerry Plastics announces new streamlined business structure
Berry Plastics Group announced a new streamlined business structure which organizes the company into three market-focused divisions, designed to allow the company to best serve its customers, drive future growth, and maximize shareholder value. The new divisions are: Health, Hygiene, and Specialties; Consumer Packaging; and Engineered Materials. The Health, Hygiene, and Specialties Division will consist of the newly acquired AVINTIV business, in addition to Berry Plastics' heritage flexible packaging personal care and medical product lines that were previously part of the Company's Flexible Packaging Division. The Consumer Packaging Division combines Berry Plastics' heritage Rigid Open Top and Rigid Closed Top divisions, the flexible packaging food and consumer product lines that were formerly part of the Company's Flexible Packaging Division, and the shrink film product lines that were formerly part of Berry Plastics' Engineered Materials Division. The Engineered Materials Division combines Berry Plastics' historical Engineered Materials Division and its Flexible Packaging converter product line, except for the shrink film products that are moving to Consumer Packaging. With the announcement of Berry Plastics' new business structure, current AVINTIV President and CEO, Joel Hackney has chosen to leave Berry Plastics to pursue other opportunities.

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