Berry Global Group (BERY) Issues Statement on Canyon Capital Letter

Berry Global Group, Inc. (NYSE: BERY) today provided the following statement in response to a letter published by Canyon Capital Advisors LLC on February 23, 2020.

“Berry Global regularly engages with shareholders, including Canyon Capital, and values their constructive input. We remain focused on three key strategic initiatives – generate sustainable profitable organic growth, integrate the RPC Group Plc business with an intense focus on cost synergy realization, and continue to de-lever and further enhance our balance sheet. Our Board and management team regularly review our operational portfolio and capital allocation to ensure that we are best positioned to drive shareholder value, including through divestitures, in order to maintain our strong balance sheet and proven track record of free cash flow growth.

We also remain deeply focused on sustainability, and effectively communicating that commitment to our investors and other stakeholders, and their advisory firms. We work directly with customers to reduce plastics waste and meet their sustainability goals, as well as communicate how the impact of lighter weight plastics that require less energy and carbon emissions to produce, and growing rates of recyclability and use of recycled resin, reflect how plastics are making a substantial positive contribution around the world.

We look forward to continuing to engage with Canyon Capital and all of our shareholders as we execute on our strategy to enhance shareholder value.”

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