Pending registration with the local company registry, which is expected to be completed by February 2014, Berry Plastics will own 75% of P&B, with a minority ownership position retained by Peter Song, the original founder of P&B and the current general manager of the business.
Song will remain in the same position going forward.
The company will conduct business under the name Qingdao Berry Plastics Limited and provide rigid plastic packaging and personal care products to customers located in China as well as globally.
P&B has annual revenues of $34m. Financial terms of the transaction were not disclosed.
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