Welcome to our dedicated page for Berry Global Group news (Ticker: BERY), a resource for investors and traders seeking the latest updates and insights on Berry Global Group stock.
Berry Global Group, Inc. (NYSE: BERY) is a leading global manufacturer of plastic packaging products and protection materials. Serving a diverse range of markets, including food, beverage, personal care, household chemicals, healthcare, and industrial, Berry Global caters to over 15,000 customers, including some of the world’s largest consumer packaged goods (CPG) manufacturers. The company's strategic international expansion aims to fulfill the growing global market demands.
The company operates through four primary business segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene, and Specialties. Berry Global primarily utilizes plastic resin as its raw material, sourced from various suppliers.
The acquisition of RPC has bolstered the Consumer Packaging International segment, expanding Berry’s geographical footprint and boosting its revenue. This segment includes products such as closures, dispensing systems, pharmaceutical devices, packaging, bottles, canisters, polythene films, recycling, containers, and technical components.
Berry Global's impressive growth is underscored by its extensive network of 119 global manufacturing locations across 17 countries and a workforce of over 21,000 employees. The company's history of strategic acquisitions has significantly bolstered its market presence and technological capabilities.
In recent developments, Berry Global acquired F&S Tool, a North American leader in precision injection molding tools. This move aims to strengthen Berry's global tooling capabilities, bringing in proprietary technologies and manufacturing excellence.
Berry Global continues to innovate and expand, focusing on sustainable growth and maintaining a leading position in the plastic packaging industry. Stay updated with the latest news and developments about Berry Global Group, Inc. to understand its market performance and strategic initiatives.
Berry Global Group (NYSE: BERY) has announced the launch of Berry Global Tooling Services, consolidating its global tooling operations into a single source of expertise. This initiative aims to enhance customer access to comprehensive tooling capabilities while providing local support from over ten manufacturing locations. Key benefits include faster turnaround times, reduced shipping costs, and improved quality assurance by eliminating reliance on third-party tooling manufacturers. Berry's commitment to innovation in packaging and engineered products is strengthened by this initiative, aiming to meet diverse customer needs efficiently.
Berry Global Group (NYSE: BERY) announced the retirement of CEO Thomas E. Salmon, effective December 31, 2023. The company is engaged in a search for his successor with the help of Spencer Stuart, an executive search firm. Salmon expressed pride in the company's achievements in sustainable packaging despite global disruptions. Under his leadership, Berry has reached record results and expanded its manufacturing footprint. The company will discuss its first-quarter 2023 financial results in a conference call on February 2, 2023, at 10 a.m. ET.
Berry Global Group reported its first-quarter 2023 results, highlighting an operating income of $210 million and an operating EBITDA increase of 3% to $443 million. Earnings per share stood at $0.85, with adjusted EPS rising 11% to $1.30. Despite a 6% decline in volume due to softer market demand, the company reaffirmed its fiscal 2023 outlook for adjusted EPS and free cash flow. Berry returned $211 million to shareholders through share repurchases and dividends. The long-term leverage target has been reduced to 2.5x – 3.5x net debt to adjusted EBITDA, signaling a commitment to maintaining financial strength.
Berry Global Group (NYSE: BERY) has announced a quarterly cash dividend of
Berry Global Group aims to leverage its global capabilities and innovation expertise to enhance customer outcomes, focusing on the circular economy.
Berry Global Group (NYSE: BERY) is set to begin production at its new manufacturing facility and healthcare center of excellence in Bangalore, India, starting April 2023. This Greenfield expansion aims to enhance access to healthcare solutions globally and will create over 500 jobs over the next eight years. The new facility will cater to the inhalation, nasal, ophthalmic, dispensing, and self-injection industries while supporting innovation through the R&D center, which plans to launch up to seven new products in 2023. Sustainability will be a priority, with 90% of the site's electricity sourced from renewable energy.
Berry Global Group (NYSE: BERY) has introduced a tethered closure for Coca-Cola's PET bottles, which enhances recyclability and reduces littering. This innovative solution has been applied to over 400 million closures in Germany, Spain, and the UK, with plans for further rollout across Europe. The closure complies with the EU Single-Use Plastics Directive, which mandates attached closures for beverage containers by July 2024. The new design features a tamper-evident band and achieves a significant reduction in PET usage, making it about 20% lighter than previous versions. Berry aims to support Coca-Cola's sustainability goals of 100% recyclable packaging by 2025.
Berry Global Group, Inc. (NYSE: BERY) plans to report its first fiscal quarter 2023 results on February 2, 2023, before the market opens. The company will host a conference call at 10 a.m. Eastern Time on the same day to discuss its performance. The call will be accessible via telephone and the internet, with a live webcast available on their website. Berry Global aims to leverage its global capabilities and sustainability leadership to innovate in packaging and engineered products, benefiting customers and the environment.
Berry Global Group (NYSE: BERY) announced appointments of three new independent Board directors and entered a cooperation agreement with shareholders Ancora and Eminence Capital. Independent directors Meredith Harper, Chaney Sheffield, and Peter Thomas will enhance Board expertise in capital allocation and governance. Following the 2023 Annual Meeting, the Board will expand to 12 members, with 11 being independent. This move aligns with Berry’s commitment to governance and effective capital management strategies, aiming to drive stakeholder value.
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