Berry Global Group Inc. (Evansville, IN) announced yesterday that it has entered into a definitive agreement to acquire Clopay Plastic Products Co., Inc. (Mason, OH), a subsidiary of Griffon Corp., for $475 million in cash on a debt-free, cash-free basis.
Clopay is a global supplier of printed breathable films as well as an innovator in the development of elastic films and laminates for applications in markets such as hygiene, healthcare, construction and industrial protective apparel. The company has nearly 1,500 employees and operates facilities in Nashville, Augusta, KY, Germany, Brazil and China. It reported $461 million in sales at the end of its fiscal year on Sept. 30, 2017.
“The proposed acquisition of Clopay is directly aligned with our fundamental strategic initiatives,” said Tom Salmon, CEO of Berry, in a prepared statement. “We are extremely excited with what Clopay’s global capabilities and unique technology platform will add to our organization. The combination of Clopay with Berry’s Health, Hygiene, and Specialties division broadens our position within the faster growing health and hygiene markets. Clopay will bring Berry new capabilities in the production of technical films, where they are a known innovator with patent protected breathable hygiene films,” said Salmon.