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Berry Global Group to acquire the Clopay Plastic Products Company from Griffon Corporation

Nov. 16, 2017 8:08 AM ETBerry Global Group, Inc. (BERY) StockBy: Niloofer Shaikh, SA News Editor
  • Berry Global Group (NYSE:BERY) entered into a definitive agreement to acquire the Clopay Plastic Products Company, a subsidiary of Griffon Corporation (GFF) , for $475M in cash on a debt-free, cash-free basis.
  • “The proposed acquisition of Clopay is directly aligned with our fundamental strategic initiatives,” said Tom Salmon, CEO of Berry. “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.”
  • This acquisition will increase Berry’s position within the faster growing health and hygiene markets using innovative patent protected technologies.
  • Significant, clearly identifiable cost synergies. Berry expects to realize cost synergies in line with previous Berry acquisitions of a similar nature.
    The transaction is expected to be completed in early 2018.
  • The company intends to fund the acquisition with existing liquidity or additional debt offering.
  • Press Release

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