Berry Global to Sell Specialty Tapes Business
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Berry Global Group Inc. has entered into a definitive agreement to sell its Specialty Tapes business (Tapes) to the private-equity firm Nautic Partners, LLC for a purchase price of approximately $540 million. The sale is subject to a number of closing adjustments. According to Berry Global, the Tapes business is a franchise valued by its industrial customers. As a result, this separation is aligned with Berry’s broader strategy to transition the portfolio towards more consistent, higher growth consumer-oriented end markets and platforms.
Berry plans to use proceeds from the transaction to pay down outstanding debt at the company. The transaction is expected to complete by the first half of calendar 2025, subject to customary closing conditions.
Berry CEO, Kevin Kwilinski, said, “Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio. The sale of Tapes further supports these efforts and the continued focus on our high-growth consumer portfolio.”
Berry’s Announced Combination with Amcor
On November 19, 2024, Berry announced an agreement to combine with Amcor in an all-stock transaction, creating a global leader in consumer and healthcare packaging solutions.
The combination brings together two highly complementary businesses to create a global leader in consumer packaging solutions, with a broader flexible film and converted film offering for customers, a scaled containers and closures business, and a unique global healthcare portfolio. The combined company will have unprecedented innovation capabilities and scale and be uniquely positioned to accelerate growth, solve customers’ and consumers’ sustainability needs, unlock further portfolio transformation, and deliver significant value to both sets of shareholders.
Kwilinski commented on the agreement, “Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio. Our combination with Amcor is a logical next step in our company’s evolution, and it is a testament to our entire team that we’re well positioned to build on this momentum and deliver even more value to our shareholders. We expect to better serve customers through a comprehensive and innovative consumer packaging portfolio and a complementary geographic coverage. Importantly Berry and Amcor have aligned philosophies focused on safety, employee experience, sustainability, innovation, customer intimacy, and functional excellence. We will be better together, and I look forward to all we will achieve as a combined organization.”
Learn more about Berry Global Group Inc. at www.berryglobal.com.
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