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Berry Plastics Group is extending its footprint in China, with its newly-approved acquisition of the controlling interest of packaging business Qingdao P&B Co.
After clearing the last of the red tape, Berry should own 75 per cent of P&B by February 2014. The company will begin trading under Qingdao Berry Plastics Limited and provide rigid plastic packaging and personal care products to customers in China and overseas. Its operations and headquarters are located in the Qingdao, China, free-trade zone, where it uses thermoform, injection and automated assembly manufacturing processes to serve various markets including food and personal care.
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Jon Rich, Chairman and CEO of Berry Plastics, says, “Berry Plastics is a leader in the North American plastic packaging market, while P&B is a leader in China’s packaging market. Through this joint venture we will capitalise on our combined business strengths to bring more innovative products to the Chinese and Asian markets, allowing us to best serve our customers and create increased value for our shareholders.
“P&B has served as a supplier to Berry Plastics for over seven years. During this time, we have had the opportunity to get to know each other well and develop a strong relationship. Solidifying this relationship and becoming part of the Berry Plastics family is a natural progression and our employees cheer on this new partnership.”
While financial details of the deal have not been disclosed, P&B has annual revenues of $34m.
Peter Song, founder and general manager of P&B will retain a minority ownership position, and his current role.
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