May 11 2005
Berry Plastics Corporation has announced that it has entered into a definitive agreement to acquire Kerr Group for $445 million, including repayment of existing indebtedness. The transaction is scheduled to close in the second quarter of 2005 and is subject to customary closing conditions.
Ira Boots, President and CEO of Berry Plastics Corporation, stated “The acquisition of Kerr is a continuation of Berry’s quest to offer full product breadth of plastic packaging to our customers. Our customers, employees and investors will benefit from the combination of these two outstanding companies. Kerr’s products fill in the gaps of our closure product line while enhancing our product offering with vials, bottles and tubes. The highly skilled and dedicated employees from Kerr will add skills and depth to the vision and talent of Berry.”
Kerr’s headquarters and technical center are based in Lancaster, Pennsylvania, and it operates eight strategically located domestic facilities supporting North American customers. Kerr manufactures injection, compression, blow and extrusion molded plastic packaging for pharmaceutical, nutritional, food, beverage and personal care markets. Excellent customer service combined with creative market leading products have led to Kerr’s success.
http://www.berryplastics.com/