Medical Device Qualified Supplier Directory

 

Berry Global Group, Inc. Announces Agreement to Acquire the Clopay Plastic Products Company, Inc., from Griffon Corporation

Berry Global Group, Inc. to acquire the Clopay Plastic Products Company, Inc.

Share Via Email
 

EVANSVILLE, Ind.--(BUSINESS WIRE)--Nov. 16, 2017-- Today, Berry Global Group, Inc. (“Berry”) (NYSE: BERY) announced that it has entered into a definitive agreement to acquire the Clopay Plastic Products Company, Inc. (“Clopay”), a subsidiary of Griffon Corporation (N...

+ Read more

EVANSVILLE, Ind.--(BUSINESS WIRE)--Nov. 16, 2017-- Today, Berry Global Group, Inc. (“Berry”) (NYSE: BERY) announced that it has entered into a definitive agreement to acquire the Clopay Plastic Products Company, Inc. (“Clopay”), a subsidiary of Griffon Corporation (NYSE:GFF), for $475 million in cash on a debt-free, cash-free basis.

Clopay is a global supplier of printed breathable films as well as an innovator in the development of elastic films and laminates with product offerings uniquely designed for applications used in a number of markets including; hygiene, healthcare, construction and industrial protective apparel. Clopay has nearly 1,500 employees with a footprint serving markets across the globe with locations in the United States, Germany,Brazil, and China. Clopay delivered $461 million in sales and $53 million in operating EBITDA for its fiscal year ended September 30, 2017. We expect annual cost synergies to be approximately $20 million. The purchase price, including our expected cost synergies along with the tax basis step-up value, represents an adjusted EBITDA multiple of below 6 times.

“The proposed acquisition of Clopay is directly aligned with our fundamental strategic initiatives,” said Tom Salmon, CEO of Berry. “We are extremely excited with what Clopay’s global capabilities and unique technology platform will add to our organization. The combination of Clopay with Berry’s Health, Hygiene, and Specialties division broadens our position within the faster growing health and hygiene markets. Clopay will bring Berry new capabilities in the production of technical films, where they are a known innovator with patent protected breathable hygiene films.”

Select Benefits of the Transaction

Complementary products. Together we will be able to optimize complementary production capacities, reduce material and conversion costs, and better serve customers from an expanded global footprint with a portfolio of products that is one of the most comprehensive in the industry.

Faster growing markets. Increases Berry’s position within the faster growing health and hygiene markets using innovative patent protected technologies.

Significant, clearly identifiable cost synergies. Berry expects to realize cost synergies in line with previous Berry acquisitions of a similar nature.

Approvals, Closing, and Funding Considerations. The transaction is expected to be completed in early 2018, subject to customary closing conditions, including applicable regulatory approvals. Berry intends to fund the acquisition with existing liquidity or additional debt offering.

About Berry

Berry is committed to its mission of ‘Always Advancing to Protect What’s Important,’ and proudly partners with its customers to provide them with value-added customized protection solutions. The Company’s products include engineered materials, non-woven specialty materials, and consumer packaging. Berry’s world headquarters is located in Evansville, Indiana. With net sales of $7.1 billion in fiscal 2017, Berry, a Fortune 500 company, is listed on the New York Stock Exchange under the ticker symbol BERY. For additional information, visit Berry’s website at www.berryglobal.com.

   

- Read less

More information
 

Berry Global, Inc.

http://www.berryglobal.com/
E: healthcare@berryglobal.com
T (800) 343-7875
   (508) 918-1600
F: (508) 918-1900

Address
101 Oakley St, Evansville, IN, 47710, United States
View map

 

Berry Global, Inc.

http://www.berryglobal.com/
E: healthcare@berryglobal.com
T (800) 343-7875
   (508) 918-1600
F: (508) 918-1900

Address
101 Oakley St, Evansville, IN, 47710, United States
View map

 

Corporate HQ
101 Oakley St., P.O. Box 959
Evansville, IN
United States
T 812/424-2904
F 812/424-0125

HHS - Charlotte
9335 Harris Corners Parkway Ste. 300
Charlotte, NC
28269
United States

 
 
Close
CONTACT BERRY GLOBAL, INC.
* sorry this is a required field