By Jim Johnson
SENIOR STAFF REPORTER
Published: January 22, 2014 6:00 pm ET
Updated: January 22, 2014 6:05 pm ET
Berry Plastics Group Inc. is acquiring controlling interest in a packaging business in China as part of a company goal to establish itself in emerging markets.
The Evansville, Ind.-based company, late Tuesday afternoon, revealed plans to gain a 75-percent interest in Qingdao P&B Co. Ltd., which has operations and headquarters in the Qingdao free-trade zone, Berry said.
Peter Song, who founded P&B, will retain a minority interest in the company and continue to serve as general manager.
P&B uses thermoforming, injection molding and automated assembly manufacturing processes to make packaging for multiple markets, predominately food and personal care, in both China and globally, Berry said.
The new business will operate as Qingdao Berry Plastics Ltd. and has annual sales of $34 million.
“This acquisition is in direct alignment with our strategic objective of establishing a business presence in emerging global markets,” Berry Plastics CEO Jon Rich said in a statement.
“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,” Rich said.
Song, also in the statement, indicated P&B has been a supplier to Berry Plastics for more than seven years. “Solidifying this relationship and becoming part of the Berry Plastics family is a natural progression,” he said. | 
