Plastics packaging processor Berry Plastics has filed with U.S. regulators on Friday to raise up to $500 million in an initial public offering of its stock. The number of shares to be offered and the price range for the offering have not yet been determined, the company stated.
The Evansville, IN-based company produces a variety of products, including open top and closed top packaging, polyethylene-based plastic films, industrial tapes, medical specialties, flexible packaging, heat-shrinkable coatings, specialty laminates, and FIBCs.
The company told the U.S. Securities and Exchange Commission in a preliminary prospectus that it intends to use the proceeds from the offering partly to repay debt, according to reports. Berry said in the filing that after completion of the offering, funds affiliated with Apollo Global Management LLC will continue to own a majority of the voting power.