04:46 AM EST, 11/26/2024 (MT Newswires) -- Berry Global Group ( BERY ) said late Monday it has agreed to sell its specialty tapes business to private equity firm Nautic Partners for about $540 million, subject to adjustments.

The company said the proceeds from the deal, expected to close in H1 2025, will be used to reduce outstanding debt.

The deal aligns with "Berry's broader strategy to transition the portfolio towards more consistent, higher growth consumer-oriented end markets and platforms," the company said.