Berry Plastics Profit Jumps

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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Berry Plastics Group Inc. (NYSE: BERY) is reporting fiscal full-year net income of $236 million, up from $86 million the previous year. The company says the increase was partially due to the completion of its $2.4 billion acquisition of North Carolina-based Avintiv last year.
Berry is also reporting fiscal fourth quarter net income of $77 million, up from $48 million during the same period last year. The company says, in addition to the Avintiv acquisition, the growth can be attributed to the improvement of its product mix, a $12 million reduction in selling, general, and administrative expenses and a $9 million reduction in restructuring and business integration expenses.
Chief Operating Officer Tom Salmon says, looking to the next fiscal year, the company expects to complete its $765 million acquisition of New Jersey-based AEP Industries Inc. (Nasdaq: AEPI). The company announced the acquisition in August and anticipates closing on the deal in February.