We're Building A Better Tri-State Together
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Berry Buying Avintiv in "Transformational" deal

Berry Plastics may be destined for the Fortune 500.

The Evansville-based plastic products maker is buying Avintiv Incorporated for about $2.45 billion.

Berry’s Chairman and CEO Jon Rich calls the acquisition “transformational.”

He tells the Courier and Press that it will land the local company on the Fortune 500.

Berry makes a variety of plastics products including food packaging and drink cups. Avintiv makes materials used in products ranging from diapers to disinfectant wipes.  

Avintiv changed its name from PGI Specialty Materials last month. It was bought by Blackstone Group in 2010.

In 2014, Berry had net sales of $5.1 billion. Rich predicts the acquisition will boost yearly sales to $7.3 million.

The company employs more than 3,000 people at its Evansville headquarters.