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Berry Plastics planning IPO, may be worth about $2 billion

Plastics packaging processor Berry Plastics plans to raise $500 million in an IPO with a market value of about $2 billion, according to reports. In a document filed with the U.S. Securities and Exchange Commission, the company, backed by Apollo Global Management LLC, said it will offer 29.4 million shares of common stock at a price range of $16 and $18. Berry Plastics reported $4.8 billion in net sales during the last 12 months. The company plans to list on the NYSE under the symbol BER, according to reports.

The Evansville, IN-based company produces a variety of products, including open top and closed top packaging, polyethylene-based plastic films, industrial tapes, medical specialties, flexible packaging, heat-shrinkable coatings, specialty laminates, and FIBCs.

The company told the SEC in a preliminary prospectus that it intends to use the proceeds from the offering partly to repay debt, according to reports. Following the offering, Apollo Funds will own about 53% of the company.

The company has completed 11 acquisitions in the past six years, including the beverage and specialty closures business of Rexam PLC and Filmco, a subsidiary of the UK-based Linpac Group and a manufacturer of PVC stretch film packaging.

TAGS: Packaging
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