BLOOMBERG NEWS Enlarge
Berry Plastics Corp. of Evansville, Ind., has acquired a division of packaging company Rexam PLC for $360 million, a deal that will affect about 150 Rexam employees in Perrysburg.
The acquisition, expected to close in the third quarter, includes Rexam's beverage and specialty closures business. London-based Rexam bought the segment when it acquired Owens-Illinois Inc.'s plastics business in 2007 for $1.8 billion.
Greg Brooke, a spokesman with Rexam, said the acquisition will affect about 150 sales, managerial, and marketing employees in the company's Perrysburg technical center, which has about 250 workers. He did not have information on Berry Plastics' plan for those employees.
"The sale of the beverage and specialty closures business will strengthen our business going forward and enable us to further focus on cost, capital returns, and growth markets," Mr. Brooke said. "We will be using the proceeds of the sale to pay down debt, further strengthening our balance sheet now and for the future."
Representatives from Berry Plastics could not be reached for comment Thursday.
Rexam has 500 to 600 employees at facilities in Perrysburg, Fremont, Whitehouse, and Berlin, Ohio, Mr. Brooke said. Only some of the Perrysburg employees were involved with the Berry Plastics transaction.
Contact Sheena Harrison at: email@example.com or 419-724-6103.