US-based Berry Plastics has received permit from the competent approval authority in China to acquire controlling interest of Qingdao P&B.
The pending registration, associated with the transaction, with the local company registry would be completed by February 2014.
Berry Plastics will acquire 75% of Qingdao P&B while a minority ownership will be retained by Peter Song and the current general manager of the business. Song is the original founder of Qingdao.
Following the acquisition, the company's name will be changed to Qingdao Berry Plastics that will offer rigid plastic packaging and personal care products to customers located in China and globally.
P&B, which recorded annual revenues of $34m, uses thermoform, injection, and automated assembly manufacturing processes to produce products primarily for food and personal care markets across China as well as globally.
Berry Plastics chairman and CEO Jon Rich said the acquisition would help company establish a business presence globally.
"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 added.
