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8-K - BERRY PLASTICS CORPORATION FORM 8-K 10.14.09 - SUN COAST INDUSTRIES INC /DE/ | bpc8k101409.htm |
Exhibit
99.1
BERRY
PLASTICS CORPORATION TO ACQUIRE PLIANT CORPORATION
For
Immediate Release:
EVANSVILLE,
INDIANA, October 13, 2009 - Berry Plastics Corporation announced today that it
intends to acquire in excess of 99.99% of the common stock of Pliant Corporation
upon the emergence of Pliant from bankruptcy.
On
October 6, 2009, the U.S. Bankruptcy Court for the District of Delaware
confirmed the joint reorganization plan proposed by an affiliate of Apollo
Management, L.P. and Pliant. As a part of the Plan, Berry is entitled
to receive up to 25% of the common equity of Pliant. Berry now also
intends to acquire the remaining 75% of the common stock available under the
Plan. Berry is currently evaluating its options with respect to
financing the equity investment in Pliant. Pliant will remain
separately capitalized as an unrestricted subsidiary of Berry.
Pliant
Corporation is a leading producer of value-added film and flexible packaging
products for personal care, medical, food, industrial and agricultural
markets. Pliant operates 18 manufacturing facilities around the
world, and employs approximately 2,900 people with annual net sales of $1.1
billion for the year ended December 31, 2008.
Ira
Boots, Chairman and CEO of Berry Plastics Corporation, stated “Pliant
Corporation brings to Berry an important group of customers, employees,
manufacturing locations and products. Their film product line
enhances Berry’s current offering with innovation and broader market
appeal. Berry’s rigid plastic packaging offering will be extended
with the addition of Pliant’s flexible packaging. With Berry
acquiring Pliant, customers will be better served with a financially
strengthened full service company.”
Berry
will operate Pliant as an additional operating division. The
transaction is anticipated to close by the end of the year. The Berry
transaction described above is subject to receipt by Berry of necessary
financing and customary regulatory approvals. An affiliate of Apollo
Management remains obligated to fulfill its obligations under the Plan should
these conditions not be satisfied.
For
additional information, please contact:
Diane
Tungate
Executive
Assistant
Telephone:
(812) 306-2370
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About
Berry Plastics
Berry
Plastics is a leading manufacturer and marketer of plastic packaging products.
Berry Plastics is a major producer of a wide range of products, including open
top and closed top packaging, polyethylene-based plastic films, industrial
tapes, medical specialties, packaging, heat-shrinkable coatings, specialty
laminates, and FIBCs. The company's 13,000 plus customers range from large
multinational corporations to small local businesses. Based in Evansville,
Indiana, the company has 66 manufacturing facilities worldwide and nearly 13,400
employees.
******
Certain
statements and information included in this release may constitute "forward
looking statements" within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance, or achievements of Berry Plastics to be materially
different from any future results, performance, or achievements expressed or
implied in such forward looking statements. Additional discussion of factors
that could cause actual results to differ materially from management's
projections, forecasts, estimates and expectations is contained in the company's
SEC filings. The company does not undertake any obligation to update any
forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
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