Berry Plastics Buys Akzo Nobel's U.S. Injection Molding Business

Akzo Nobel UK plc (formerly Courtaulds plc), a wholly owned subsidiary of Akzo Nobel N.V., has agreed to sell its U.S.-based injection molding plastic packaging business, Knight Engineering & Plastics — part of the Polymer Products division — to Berry Plastics Corp. The consideration is less than 1% of Akzo Nobel's net assets, and the sale is free of debt.

With manufacturing facilities in Arlington Heights and Woodstock, IL, Knight Engineering & Plastics produces aerosol overcaps, dispensing closures and non-dispensing screw-top closures for the personal, health and dental care markets. In the year ended March 31, 1998, the company had sales of US$23.8 million. Berry Plastics, Evansville, IL, is a manufacturer of injection molded plastic packaging with US$227 million net sales in 1997. Berry's sales are focused in five major product lines: aerosol overcaps, open-top containers, drink cups, housewares and lawn and garden products, and custom molding.

The acquisition of Courtaulds by Akzo Nobel became unconditional on July 7, 1998. Courtaulds had previously announced that it intended to sell its Polymer Products group of businesses, comprising Packaging and Performance Films. Akzo Nobel is continuing with this process, of which this sale is a part.