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News Breaks
January 10, 2014
11:02 EDTBERYBerry Plastics to relocate manufacturing equipment to Indiana facilities
Berry Plastics announced plans to further optimize production and relocate manufacturing equipment to four of its Indiana manufacturing operations. The company will invest approximately $31M for new infrastructure and equipment, and will also transfer existing equipment from other Berry Plastics facilities. The project will begin in early 2014 and will result in the addition of more than 330 production jobs over the next two years, Berry said. The Indiana Economic Development Corporation offered the company a grant up to $300K to facilitate job skills training and $2.35M in Economic Development for Growing Economy tax credits which may be certified over the next 10 years. In addition, the City of Evansville offered the company a 10-year Tax Phase-In on real property investment, with an estimated value of $1.7M, and a Modified Schedule of Tax Abatement on personal property investment, with an estimated value of $2.8M.
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April 9, 2015
09:05 EDTBERYGoldman recommends buying Berry Plastics into report
Goldman recommends buying Conviction Buy rated Berry Plastics ahead of the March quarter report. The firm expects Berry to materially raise up FY15 free cash flow guidance to $370M-$400M from $320M and update cost savings from refinancing $800M 2021 notes. Additionally, Goldman expects new flow on Versalite technology and improved EBITDA from cost savings initiatives. Price target is $39.

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