Berry is acquiring Avintiv from private-equity funds managed by Blackstone Group LP, it said Friday in a statement

The takeover will lead to $50 million of annual cost savings and is expected to close by the year-end, Berry said in the statement. It is Evansville, Indiana-based Berry’s largest acquisition, according to data compiled by Bloomberg. Berry rose 4.9 percent to $35 at 8:33 a.m. before the start of regular trading in New York.

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