Charlotte-based Avintiv is being acquired by an Indiana company for $2.45 billion.
Avintiv, previously called the Polymer Group Inc. until a name change in June, said in a statement Friday that Evansville, Ind.-based Berry Plastics Group Inc. will buy the company from The Blackstone Group in a debt-free deal.
The transaction is expected to close by the end of the year.
Avintiv, which employs about 100 people in the Charlotte metro area, manufactures non-woven materials used in infection prevention, personal care and high performance solutions. The company’s products are used for products like diapers and feminine hygiene products, and its customers include Procter & Gamble, the maker of Pampers and Swiffer. Berry Plastics makes plastic packaging products.
“Today we’re in complementary spaces, so we need the people and the facilities that are coming with the acquisition,” Berry Plastics Chief Executive Officer Jon Rich told the Observer Friday. “We don’t have any plans to make any changes in Charlotte.”
Rich added that nine of the top 10 largest Avintiv customers are also “substantial” Berry Plastics customers, so the combined company will work to create “exciting new solutions for those customers,” Rich said.
Polymer Group Inc., also called PGI, started with the 1992 purchase of Scott Paper’s non-woven business. PGI filed for bankruptcy reorganization in 2002, emerging with new management a year later.
It was purchased by Blackstone Group in 2010 for $326.2 million, according to Reuters.
In February, Avintiv filed paperwork with the Securities Exchange Commission to go public. The company remains privately owned but has been reporting its financial results.
Avintiv moved to Charlotte from Charleston in 2006. The company, headquartered off W.T. Harris Boulevard near Northlake Mall, has locations in 14 countries and employs over 4,500 globally.