EVANSVILLE, IN--Berry Plastics' acquisition of the controlling interest of Qingdao P&B Co., Ltd. (P&B) has been approved by China's competent approval authority. Berry Plastics will own 75 percent of P&B, with a minority ownership position retained by Peter Song, who is the original founder of P&B andgeneral manager. Song will remain in place. The company will conduct business under the name Qingdao Berry Plastics Ltd. P&B annual revenues approximate $34 million.
P&B operates a state-of-the-art manufacturing facility and utilizes thermoform, injection, and automated assembly manufacturing processes to produce products for global markets. It concentrates in the food and personal care businesssegments.
“This acquisition is in direct alignment with our strategic objective of establishing a business presence in emerging global markets,” said Jon Rich, Chairman and CEO of Berry Plastics. “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 capitalize on our combined business strengths to bring an increased number of innovative products to the Chinese and Asian markets, allowing us to best serve our customers and create increased value for our shareholders.”