Berry Plastics Corporation has announced that it has acquired all of the injection molding closure assets from Euromex Plastics, S.A. de C.V. ("Euromex"), an injection molding manufacturer located in Toluca, Mexico. Terms of the transaction were not disclosed. The purchase price was funded utilizing existing Berry credit facilities and funds generated by operations. Euromex is part of the SP Berner Plastic Group, S.L. based in Spain (“Berner”).
"We're delighted to have acquired the closure assets of Euromex, which will further strengthen our closure product offerings, give Berry a Mexican location to produce rigid packaging, while expanding our customer base" stated Fred Heseman, Corporate Vice President of Operations. "This purchase of assets from Euromex will solidify our position as a global plastic packaging supplier offering a unique supply chain to our customers. This will be an orderly transition with minimal disruption of service to Euromex’s closure customers.”
SP Berner and Euromex have a tremendous reputation in the injection molding plastic industry in Mexico. Mr. Escarpa, President of SP Berner, stated, "We are pleased with this sale of closure assets to Berry, and we wish Berry success in the Mexican market. Euromex seeks to become a leader in the plastic furniture business within Mexico, much as SP Berner has become a leader in injection molding in Europe, also plans to further expand in Asia."
Doug Bell, Vice President of International Division for Berry, will oversee the integration of this company contributing over $8 million of annual sales into the International Division.
http://www.berryplastics.com
Posted 13th April 2005
