Boston, MA 10/01/2013 (wallstreetpr) – Over the past 15 days Berry Plastics Group Inc (NYSE:BERY) stock has shed close to 20% of its market value. As of September 30, the shares were trading at $19.97 per share, plummeting to its lowest valuations over the past 30 days.
Launches Verslite
This sustained dip in investor confidence in the stock is in spite of some positive press statements emanating from the firm. On September 23, BERY announced the launch of a new product line “VersaliteTM”. This is 100% recyclable temperature regulating packaging solution. The “#5 plastic polypropylene” compound would form the foundation for these Versatile range of products. Berry is launching hot and cold “ready to-go” cups manufactured using this new Versatile plastic.
“The launch of the Versalite cup undoubtedly marks an extremely important day in the history of Berry Plastics” so commented Jon Rich, Chairman and CEO of Berry Plastics alluding to the importance this new proprietary technology to the company. The company hopes to market these “ready to go” cups on the three planks of recyclability , durability and the ease of keeping beverages carried in these cups hot or cold for extended periods.
Subdued market performance
The stock is experiencing some rough weather over the past few quarters. It share price has dipped by close to 12% in the last 30 days and by close to 12% in the past 90 days. At current valuations, the shares are trading at 24% higher levels than its 52 week high valuations and are up 52% from its 52 week low valuations. It has a market capitalization of $2.2 billion with 114 million outstanding shares. It has an employee base of close to 13,300 employees and has clocked sales of 6.33 billion over the past 12 months trailing period. It had generated close to $414 million of net income in the same time frame.
