UPDATE 2-Berry Global launches review of health, hygiene and specialties segment
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Sept 8 (Reuters) - Container and packaging firm Berry Global Group said on Friday it is evaluating strategic alternatives for its health, hygiene and specialties segment (HH&S).
The company has been focusing on high-growth markets such as foodservice, health and beauty, dispensing and pharmaceuticals, while reducing capital and labor costs as it deals with declining volumes amid a weak market for consumer goods.
For the third quarter ended June, the HH&S segment saw a 7% decline in volumes on lower demand.
The segment — which provides non-woven fabric, specialty films and tapes for end-markets ranging from healthcare to building and construction, and industrials — accounted for 22% of the firm's consolidated net sales in fiscal 2022.
Berry Global, however, said there is no deadline for the completion of the review and no guarantee an agreement would emerge from it. (Reporting by Ananta Agarwal in Bengaluru; Editing by Shilpi Majumdar)
