Berry Plastics Group Inc. (Evansville, IN) has realigned its business structure which organizes the global plastic packaging manufacturer into three market-focused divisions, designed to allow the Company to best serve its customers, drive future growth, and maximize shareholder value. The new divisions are: Health, Hygiene, and Specialties; Consumer Packaging; and Engineered Materials.
“I am extremely excited about the transformation taking place at Berry Plastics. The new organization streamlines the Company while aligning our businesses closely with the markets that we serve,” said Jon Rich, Berry Plastics’ Chairman and CEO. “I am confident that this new structure will allow us to best integrate the newly acquired Avintiv business into Berry Plastics and accelerate the strategic growth of the Company, while strengthening the service we provide to our customers and the value we create for our shareholders.”
The new business structure will be led by experienced leaders from the heritage Berry Plastics and Avintiv (Charlotte, NC) organizations.
With the announcement of Berry Plastics’ new business structure, current Avintiv President and CEO, Joel Hackney has decided to part with Berry Plastics to pursue other opportunities, according to a statement from Berry Plastics.
On Oct. 1, 2015, Berry Plastics purchased Avintiv from private-equity funds managed by Blackstone Group LP for about $2.45 billion in cash to add a range of specialty materials used in diapers, filters and medical gowns. With 23 locations in 14 countries, and an employee base of over 4,500 people, Avintiv offers one of the broadest ranges of process technologies in the industry.