Berry Recaps Busy Third Quarter
EVANSVILLE - Evansville- based Berry Global Group Inc. (NYSE: BERY) closed out its fiscal third quarter with several changes on the books. The company said Tuesday it has completed the sale of its Seal For Life business to Arsenal Capital partners for approximately $330 million. The SFL business had been part of the Berry company since 2007.
“The decision to sell SFL was made as part of our ongoing portfolio analysis and decision to provide resources to further focus our efforts to deliver growth in targeted markets,” said Tom Salmon, Berry’s chairman and chief executive officer. Salmon says proceeds from SFL sale will help repay debt.
Some of that debt may have resulted from Berry’s $6.5 billion purchase of the RPC Group PLC, a plastics packaging company based in the United Kingdom. That deal closed on July 1. “We are eager to move forward together as a global plastic and recycled packaging industry leader with the industry’s most diversified and expansive manufacturing footprint," said Salmon.
Overall fiscal results showed net sales of $1.9 billion, compared to $2.0 billion during the same period last year. The company also reported a $1 million decline in operating income, coming in at $215 million.
The company says with the RPC acquisition, Berry’s global workforce is now about 50,000 people.
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