Berry Global Group, Inc. Provides Business Update

Berry Global Group, Inc. provided a business update given the unprecedented and evolving effects of the coronavirus pandemic (COVID-19):

Never before in our company’s long history has our mission of “Always Advancing to Protect What’s Important” been more critical as we are proud to work alongside our customers to supply products that are truly essential to everyday life.

The safety and supply of necessities such as food, medicines, sanitizing products, and protective healthcare apparel, to name just a few, has never been more vital. As we continue to prioritize the health and well-being of the communities we serve as well as our employees and their families, we want to thank our entire team for their dedication and commitment in continuing to work seamlessly with our business partners to ensure these key supply chains remain uninterrupted and operational.

Although many don’t realize the crucial role plastics play in infection prevention and protecting us from the spread of disease and contamination, we are proud to be a part of this fight and are privileged to support the growing need for many of our products as communities across the globe encounter this pandemic.

While some markets we serve will be more advantaged during this period offsetting others that will be more negatively impacted, we believe our underlying long-term demand fundamentals remain intact as we continue our focus on delivering protective solutions that enhance consumer safety.

These fundamentals have been demonstrated with preliminary results for our second fiscal quarter ending March 29, 2020, being in-line with expectations including modest positive organic volume growth on a year-over-year basis and sequential improvement in the legacy RPC business.

The company maintains a strong liquidity position with over $900 million of cash at the end of the quarter as well as an undrawn $850 million asset-based line of credit at quarter-end. In addition, we have no financial maintenance covenants and no near-term debt maturities. We will provide further detail on our specific results in our upcoming earnings conference call.