Huhtamaki Foodservice Nordic is the first to introduce a single use paperboard hot cup range with the Nordic Ecolabel and the right to use the Swan logo. The cups produced in Hämeenlinna, Finland, meet all the criteria of the Nordic Ecolabel. The cups are targeted for cafés, restaurants and catering services. The Swan label guarantees that the product is designed and manufactured in a best possible way for the environment, taking into account the entire product life cycle. Only the best products can receive the right to use the Swan logo. The criteria for obtaining the Nordic Ecolabel are tight, for example, products must contain at least 90 % renewable raw materials, they have to be recyclable or compostable, the chemicals allowed are strictly limited and the energy consumption and emissions in production are also taken into account. Huhtamaki started the process of applying for the ecolabel in 2015, and now it can present the finished products to clients. The cups are as sturdy as before and they look the same but they represent an important value added.
Berry Plastics Group, Inc. (NYSE: BERY) completed the previously announced acquisition of AEP Industries Inc. (AEP).
Berry issued 6.5 million common shares and paid $297 million as merger consideration in exchange for all of the outstanding shares of AEP common stock and outstanding AEP equity awards. Additionally, Berry paid $164 million to retire outstanding AEP debt. Berry financed the cash consideration of the acquisition with a new $500 million 7-year term loan. Including the new shares issued, Berry’s outstanding common stock has increased to approximately 129 million shares, resulting in a market capitalization of approximately $6.5 billion.
“We are extremely excited to complete the acquisition of AEP and to welcome the AEP team to the Berry Plastics organization,” said Jon Rich, Chairman and CEO of Berry Plastics. “The acquisition of AEP has given us the opportunity to expand the breadth of product offerings and production capacity within our Engineered Materials Division, enabling us to better serve our customers. Moreover, we anticipate opportunity for significant value creation for our shareholders, as we realize synergies in both our operations and in our materials procurement.”