Berry Plastics Acquires AEP Industries

Berry Plastics Group has acquired AEP Industries, a North American manufacturer of flexible plastic packaging films, for $765 million. Berry acquired AEP by issuing 6.5 million common shares and paying $297 million to AEP shareholders. The plastics packaging provider also paid $164 million to retire outstanding AEP debt. Berry Plastics estimates its acquisition of AEP will achieve cost synergies of around $50 million a year.
 
AEP manufactures a range of flexible plastic packaging products for consumer, industrial, and agricultural applications, and operates 14 manufacturing facilities in the US and Canada.