Form 11-K
 
 
UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
     
þ ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2007
OR
     
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 1-11846
 
A. Full title of the Plan:
APTARGROUP, INC. PROFIT
SHARING AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
APTARGROUP, INC.
475 West Terra Cotta Avenue, Suite E
Crystal Lake, Illinois 60014
Telephone: (815) 477-0424

 


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULE
         
    Page
Financial Statements:
       
 
Report of Independent Registered Public Accounting Firm
    1  
 
       
Statements of Net Assets Available for Benefits, at December 31, 2007 and 2006
    2  
 
       
Statement of Changes in Net Assets Available for Benefits, for the Year Ended December 31, 2007
    3  
 
       
Notes to Financial Statements
  4-13
 
       
Supplemental Schedule:
       
 
       
Schedule of Assets (Held at End of Year) at December 31, 2007 (Schedule H, Line 4i)
  14-16
 
       
Signature
    17  
Consent of Independent Registered Public Accounting Firm
Note: All other schedules of additional financial information required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA) have been omitted because they are not applicable.

 


 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Employee Benefits Administrative Committee
AptarGroup, Inc. Profit Sharing and Savings Plan
Crystal Lake, Illinois
We have audited the accompanying statements of net assets available for benefits of the AptarGroup, Inc. Profit Sharing and Savings Plan (the “Plan”) as of December 31, 2007 and 2006, and the related statement of changes in net assets available for benefits for the year ended December 31, 2007. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2007 and 2006, and the changes in net assets available for benefits for the year ended December 31, 2007 in conformity with U.S. generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic 2007 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 2007 financial statements taken as a whole.
         
 
       
 
  /s/ Crowe Chizek and Company LLC    
 
       
 
  Crowe Chizek and Company LLC    
Oak Brook, Illinois
June 27, 2008

1


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
AT DECEMBER 31, 2007 AND 2006
                 
    2007     2006  
Assets:
               
Investments, at fair value (Note 7)
  $ 104,322,712     $ 88,440,304  
 
           
 
               
Contributions receivable:
               
Participant
    217,847       187,072  
Employer
    77,249       61,481  
 
               
Other receivables: unsettled trades
    40,850       787,685  
 
           
Total receivables
    335,946       1,036,238  
 
           
 
Total assets
    104,658,658       89,476,542  
 
           
 
               
Net assets available for benefits
  $ 104,658,658     $ 89,476,542  
 
           
The accompanying notes are an integral part of these statements.

2


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2007
         
Additions to net assets attributed to:
       
 
       
Income from investments:
       
 
       
Net depreciation in fair value of investments (Note 7)
  $ 4,795,188  
Dividends
    8,010,994  
Interest
    163,198  
 
     
Total investment income
    12,969,380  
 
       
Contributions:
       
Participant
    5,886,378  
Employer
    1,927,542  
 
     
Total contributions
    7,813,920  
 
Total additions
    20,783,300  
 
Deductions from net assets attributed to:
       
 
Benefits paid to participants
    5,548,371  
Administrative expenses
    52,813  
 
     
 
Total deductions
    5,601,184  
 
     
 
       
Net increase in net assets available for benefits for the year
    15,182,116  
 
       
Net assets available for benefits, beginning of the year
    89,476,542  
 
     
 
       
Net assets available for benefits, end of the year
  $ 104,658,658  
 
     
The accompanying notes are an integral part of these statements.

3


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
NOTE 1 — DESCRIPTION OF THE PLAN
The following description of the AptarGroup, Inc. Profit Sharing and Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document for a more complete description of the Plan’s provisions.
The Plan, established on April 22, 1993, is a participant-directed defined contribution plan which covers eligible full-time and part-time non-union employees of AptarGroup, Inc. and certain of its subsidiaries (the “Company” or the “Employer”). The Plan is administered by a committee appointed by the Company, consisting of Company employees.
A participant (“Participant” or “Participants”) is a full-time employee who becomes eligible to participate on the first day of the month following 30 days of service, or a part-time employee who becomes eligible to participate after completion of 1000 hours of service in any consecutive twelve-month period. If an employee has not enrolled in the Plan within 30 days from the eligibility date, the employee will be automatically enrolled at 3%, unless the employee elects to not participate in the Plan. A participant can authorize contributions of salary to the Plan of not less than 1 percent and not more than 25 percent of earnings (subject to Internal Revenue Code (“IRC”) limitations). Participants’ earnings are generally defined as total compensation for services rendered to the Employer. Participants may elect to suspend their contributions at any time. Eligible employees will not share in any Employer contributions for any period in which they voluntarily suspend their contributions or do not participate in the Plan. Active participation can be elected again on the next regular enrollment date.
Contributions
The amount of Employer contributions is determined annually by the Employer on a discretionary basis. Such contributions are computed as a matching percentage of each Participant’s contribution within specified limits. The Company matched 50% of Participant contributions up to the first 6%, for the year ended December 31, 2007.
Plan Investments
Fidelity Management Trust Company (the “Trustee”) is the trustee for the Plan. Participants may direct their contributions and the employer matching contribution to any combination of the following investment options which includes the following investment funds (the “Trust”) available to Participants:
Retirement Government Money Market Portfolio — Assets included in this fund are invested in U.S. government securities and repurchase agreements for those securities. The goal of this fund is to preserve a level of current income as is consistent with the security of principal and liquidity.

4


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
Fidelity Magellan Fund — Assets included in this fund are primarily invested in common stock and securities of domestic and foreign issuers with the intention of seeking capital appreciation.
Fidelity Managed Income Portfolio — Assets included in this fund are primarily invested in investment contracts issued by insurance companies and other financial institutions, and in fixed income securities. The goal of this fund is to preserve a principal investment while earning interest income.
Fidelity Growth and Income Portfolio — Assets included in this fund are normally invested in common stock with a focus on those that pay current dividends and show potential for capital appreciation. The goal of this fund is to provide high total return through a combination of current income and capital appreciation. This fund was eliminated October 1, 2007.
Allianz NFJ Dividend Value Fund Administrative Class — This fund invests most of its assets in equity securities that pay or are expected to pay dividends. The goal of this fund is to provide current income and provide long-term growth. This fund was added October 1, 2007.
Vanguard 500 Index Fund Investor Shares — This fund invests in all 500 stocks in the S&P 500 Index. This fund seeks to match the performance and risk of the S&P 500 Index. This fund was added October 1, 2007.
Baron Asset Fund — This fund invests in small and mid-cap companies before the growth prospects and assets of these companies have been properly valued by other investors. The goal of this fund is to provide long-term capital appreciation. This fund was added October 1, 2007.
Fidelity Diversified International Fund — The fund primarily invests in common stock of foreign securities. Foreign investments involve greater risk and may offer greater potential returns than U.S. investments. The goal of this fund is to provide capital growth.
Fidelity Asset Manager 50% Fund — Assets included in this fund are invested in all basic types of U.S. and foreign investments including, but not limited to: stocks, bonds, and short-term and money market instruments. The goal of this fund is to provide high total return with reduced risk over the long term. This fund was eliminated on October 1, 2007.
Fidelity Small Cap Independence Fund — The fund normally invests at least 80% of total assets in securities of companies with small market capitalizations. The fund may invest in securities of domestic and foreign issuers. The goal of the fund is to provide capital appreciation.
PIMCO Total Return Fund Administrative Class — The fund invests in all types of bonds, including U.S. government, corporate, mortgage and foreign. While the fund maintains an average portfolio duration of three to six years, investments may also include short-and long-maturity bonds. The goal of this fund is to provide high total return that exceeds general bond market indices.

5


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
AptarGroup, Inc. Stock Fund — Assets included in this fund are invested in the common stock of the Employer or its affiliate. Performance of this fund is directly tied to the performance of the Company as well as to that of the stock market as a whole. The goal of the fund is to increase the value of the investment over the long term by investing in the stock of the Employer or its affiliate.
Fidelity Freedom Income Fund — The fund primarily invests in short-term mutual funds (40%), in investment grade fixed income funds (35%), in domestic equity funds (20%) and in high yield fixed income funds (5%). The goal of the fund is to provide high current income and, as a secondary objective, some capital appreciation for those already in retirement.
Fidelity Freedom 2000 Fund — The fund primarily invests in Fidelity short-term mutual funds (38%), in domestic equity funds (25%), in investment grade fixed income funds (31%), in high yield fixed income funds (5%), and in international equity funds (1%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2005 Fund — The fund primarily invests in domestic equity funds (39%), in investment grade fixed income funds (34%), in Fidelity short-term mutual funds (12%), in international equity funds (9%) and in high yield fixed income funds (5%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2010 Fund — The fund primarily invests in domestic equity funds (40%), in investment grade fixed income funds (35%), in Fidelity short-term mutual funds (10%), in international equity funds (10%) and in high yield fixed income funds (5%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2015 Fund — The fund primarily invests in domestic equity funds (45%), in investment grade fixed income funds (32%), in international equity funds (11%), in high yield fixed income funds (6%) and in Fidelity short-term mutual funds (3%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2020 Fund — The fund primarily invests in domestic equity funds (59%), in investment grade fixed income funds (23%), in international equity funds (10%) and in high yield fixed income funds (8%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.

6


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
Fidelity Freedom 2025 Fund — The fund primarily invests in domestic equity funds (57%), in investment grade fixed income funds (14%), in international equity funds (22%) and in high yield fixed income funds (8%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2030 Fund — The fund primarily invests in domestic equity funds (65%), in international equity funds (16%), in investment grade fixed income funds (11%) and in high yield fixed income funds (8%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2035 Fund — The fund primarily invests in domestic equity funds (66%), in international equity funds (17%), in investment grade fixed income funds (10%) and in high yield fixed income funds (8%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2040 Fund — The fund primarily invests in domestic equity funds (68%), in international equity funds (17%), in high yield fixed income funds (10%) and in investment grade fixed income funds (5%). The goal of the fund is to provide high total return until its target retirement date. Thereafter the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2045 Fund — The fund primarily invests in domestic equity funds (68%), in international equity funds (18%), in high yield fixed income funds (10%), and in investment grade fixed income funds (4%). The goal of the fund is to provide high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Fidelity Freedom 2050 Fund — The fund primarily invests in domestic equity funds (70%), in international equity funds (20%), and in high yield fixed income funds (10%). The goal of the fund is to provide high total return until its target retirement date. Thereafter, the fund’s objective will be to seek high current income and, as a secondary objective, capital appreciation.
Participant Accounts
A Participant may elect to transfer certain portions of his or her account in the Plan from one fund to another up to twelve times per year subject to certain restrictions between the Retirement Government Money Market Fund and Managed Income Fund. Each participant’s account is credited with contributions and an allocation of plan earnings, and reduced for benefit payments and certain administrative expenses. Plan earnings are determined and credited to each participant’s account on a daily basis in accordance with the proportion of a participant’s account to all accounts.

7


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
Vesting
Each Participant is fully vested in his or her contributions and related earnings at all times. Vesting of the Employer contribution account occurs at the rate of 20 percent per year of service on a cumulative basis for each year of service with a participating Employer. Participants may elect to receive vested benefits in the form of a lump-sum distribution, installment payments (for account portion attributable to Pittway Blue Chip Plan), or a combination of these forms, (for account portion attributable to Pittway Blue Chip Plan), or a direct transfer to an eligible retirement plan. While employed, in the event of hardship, participants may withdraw a portion of their vested account balances as defined by the Plan. Upon withdrawal from the Plan, the Participant will receive the amount of his or her contributions plus the vested portion of his or her Employer contributions. When a Participant terminates employment for any reason other than retirement after age 65, death or disability, the nonvested amounts of the Employer contributions will be forfeited and used to reduce administrative expenses of the Plan and then used to reduce future contributions of the Employer. The amount of such forfeitures available to reduce future contributions of the Employer was $48,553 and $64,728 as of December 31, 2007 and 2006, respectively.
Nonvested amounts for Participants who terminate employment for any reason other than retirement after age 65, death or disability, will be reinstated if reemployment by the Employer occurs prior to incurring five consecutive one year breaks in service as defined by the Plan agreement.
Participant Loans
The Plan provides that a Participant may, for specified reasons, borrow from the Plan an amount not to exceed the lesser of 50 percent of the Participant’s vested account balance or $50,000. Each Participant loan is evidenced by a note and is considered an investment to that Participant’s respective account. Each Participant note carries an interest rate equal to the prime rate plus one percent (loans opened during the year ended December 31, 2006 had interest rates on outstanding notes ranging from 8.25% to 9.25%) charged by the Trustee on the date of the loan, and repayment occurs through payroll withholding over a period not to exceed 60 months.
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Plan have been prepared on the accrual basis of accounting.

8


 

Valuation of Investments
The Plan’s investments are stated at fair value. Investments in mutual funds and common stock are stated at current market prices in actively traded markets. Participant loans are valued at cost, which approximates fair market value. The fair value of the Fidelity Managed Income Portfolio is determined by the Trustee. This common trust fund invests in short-term and long-term conventional and synthetic investment contracts issued by insurance companies and other institutions that meet the high credit quality standards established by the Trustee. The investment contracts are recorded at contract value (which represents contributions received, plus interest, less plan withdrawals), which approximates fair value at December 31, 2007 and 2006.
While Plan investments are presented at fair value in the statement of net assets available for benefits, any material difference between the fair value of the Plan’s direct and indirect interests in fully benefit-responsive investment contracts and their contract value is presented as an adjustment line in the statement of net assets available for benefits, because contract value is the relevant measurement attribute for that portion of the Plan’s net assets available for benefits. Contract value represents contributions made to a contract, plus earnings, less participant withdrawals and administrative expenses. Participants in fully benefit-responsive contracts may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The Plan holds an indirect interest in such contracts through its investment in the common trust fund.
Effect of Newly Issued But Not Yet Effective Accounting Standards
In September 2006, the FASB issued Statement No. 157, Fair Value Measurements. This Statement defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This Statement establishes a fair value hierarchy about the assumptions used to measure fair value and clarifies assumptions about risk and the effect of a restriction on the sale or use of an asset. The standard is effective for fiscal years beginning after November 15, 2007. In February 2008, the FASB issued Staff Position (FSP) 157-2, Effective Date of FASB Statement No. 157. This FSP delays the effective date of FAS 157 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value on a recurring basis (at least annually) to fiscal years beginning after November 15, 2008, and interim periods within those fiscal years. The impact of adoption of FASB Statement No. 157 on the Plan’s net assets available for benefits and changes in net assets available for benefit is not anticipated to be material.
In February 2007, the FASB issued Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities. The standard provides reporting entities with an option to report selected financial assets and liabilities at fair value and establishes presentation and disclosure requirements designed to facilitate comparisons between reporting entities that choose different measurement attributes for similar types of assets and liabilities. The new standard is effective for the Plan on January 1, 2008. The Plan did not elect the fair value option for any financial assets or financial liabilities as of January 1, 2008.

9


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
Contributions
Employer and employee contributions are invested directly in appropriate funds based upon employee elections made at the date of enrollment or through authorized changes in elections.
Plan Transfers
Participant contributions included in the Statement of Changes in Net Assets in the amount of $376,400 were transferred to the Plan as a result of the employee rollover provision of the Plan during 2007.
Payment of Benefits
Benefits are recorded when paid.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets and changes thereto. Actual amounts could differ from those estimates.
Security Transactions and Investment Income
Purchases and sales of securities, including related gains and losses, are recorded as of the trade date. Unsettled security investments represent transactions entered into prior to the end of the accounting period for which cash settlement is made in a subsequent period. Interest income is recorded when earned. Dividend income is recorded on the ex-dividend date. In accordance with the policy of stating investments at current value, net appreciation or depreciation is reflected in the Statement of Changes in Net Assets Available for Benefits. This net appreciation or depreciation consists of realized and unrealized gains and losses. Realized losses and gains are calculated as the difference between proceeds from a sales transaction and cost determined on an average basis. Unrealized losses and gains are calculated as the change in the fair value between the beginning of the year (or purchase date if later) and the end of the year.
Trustee and Administrative Expenses
Expenses incurred in the administration of the Plan and Marquette Investment Manager fees are paid by the Plan through Plan forfeitures, except for loan service fees, which are paid by the Participants. Certain other costs of plan administration were paid by the Company.

10


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
NOTE 3 — PARTY-IN-INTEREST TRANSACTIONS
Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering services to the Plan, the Company, and certain others. Party-in-interest transactions included investments in the AptarGroup Stock Fund. At December 31, 2007 and 2006, the Plan had $16,825,534 and $11,397,212, respectively, invested in Employer Stock through a unitized investment fund managed by the Trustee. The Plan held 411,282 and 193,042 shares of Employer stock as of December 31, 2007 and 2006, respectively. Dividends were paid on these shares in the amount of $208,684 during the year ended December 31, 2007. These transactions also qualify as party-in-interest transactions.
Additionally, certain Plan investments are shares of mutual funds managed by the Trustee and participant loans, therefore, these transactions qualify as party-in-interest. Fees paid by the Plan to the Trustee for loan services amounted to $19,963 for the year ended December 31, 2007. Fees paid by the Plan through Plan forfeitures to the Trustee and Marquette Investment Manager for trustee and investment management fees amounted to $11,350 and $21,500, respectively, for the year ended December 31, 2007. These transactions are not prohibited transactions as defined under the Employee Retirement Income Security Act of 1974 (“ERISA”).
NOTE 4 — FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by a letter dated April 4, 2002 that the Plan is designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan administrator believes that the Plan is designed and continues to be operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
NOTE 5 — RISKS AND UNCERTAINTIES
Investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect Participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

11


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
NOTE 6 — AMENDMENT AND TERMINATION OF PLAN
The Plan may be amended at any time by the Company. However, no amendment may adversely affect the current rights of the Participants in the Plan with respect to contributions made prior to the date of the amendment.
Although it has not expressed any intent to do so, the Company reserves the right to discontinue Employer contributions or to terminate its participation in the Plan at any time. In the event of a partial or complete termination of the Plan, all Participants with respect to whom the Plan is being terminated shall be fully vested in their accounts as of the date of the termination of the Plan. If a Participant remains an employee of the Company or its affiliates following the termination of the Plan, his benefits shall remain in the Trust until his severance from service and then shall be paid to him in accordance with the provisions of the Plan.
The Plan is subject to the provisions of ERISA applicable to defined contribution plans. Since the Plan provides for an individual account for each Participant and for benefits based solely on the amount contributed to the Participant’s account and any income, expenses, gains and losses attributed thereto, its benefits are not insured by the Pension Benefit Guaranty Corporation pursuant to Title IV of ERISA.

12


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006
NOTE 7— INVESTMENTS
The fair values of individual investments that represent 5% or more of the Plan’s net assets are as follows:
                 
    December 31,  
    2007     2006  
Money Market Fund
               
Fidelity Retirement Government
               
Money Market Portfolio
  $ 12,043,149     $ 10,534,139  
 
               
Common Stock Fund
               
AptarGroup, Inc. Common Stock
    16,825,534       11,397,212  
 
               
Mutual Funds
               
Fidelity Magellan Fund
    25,204,289       22,771,233  
 
               
Fidelity Growth and Income Portfolio
          15,119,196  
 
               
Fidelity Diversified International Fund
    11,635,488       9,640,198  
 
               
Allianz NFJ Dividend Fund
    13,762,561        
 
               
Common Trust Fund
               
Fidelity Managed Income Portfolio(1)
    4,917,871       5,325,135  
 
(1)   The 2007 balance is less than 5% of the total net assets but is disclosed for comparative purposes as the 2006 balance was greater than 5% of total net assets.
During 2007, the Plan’s investments (bought, sold and held during the year) depreciated in value by $4,795,188. Mutual funds accounted for $116,627 of the depreciation and AptarGroup, Inc. common stock accounted for $4,911,815 of the appreciation, respectively.

13


 

SUPPLEMENTAL SCHEDULE

14


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AT DECEMBER 31, 2007
         
Name of plan sponsor:
  AptarGroup, Inc.
 
   
Employer identification number:
36-3853103
 
   
Three-digit plan number:
  002
 
   
                       
          Description        
  Issuer   Identity of Issue   of Investment   Cost**   Fair Value  
      Common Stock
           
*
AptarGroup, Inc.
  Common Stock Fund   Common Stock Fund       $ 16,825,534  
 
 
                   
      Mutual Funds
           
*
Fidelity
  Magellan Fund   Mutual Fund         25,204,289  
*
Fidelity
  Baron Asset Fund   Mutual Fund         298,925  
*
Fidelity
  Diversified International Fund   Mutual Fund         11,635,488  
*
Allianz
  NFJ Dividend Fund                
 
 
  Administrative Class   Mutual Fund         13,762,561  
*
Fidelity
  Small Cap                
 
 
  Independence Fund   Mutual Fund         4,354,974  
 
PIMCO
  Total Return Fund                
 
 
  Administrative Class   Mutual Fund         1,432,872  
*
Fidelity
  Vanguard 500 Index   Mutual Fund         304,305  
*
Fidelity
  Freedom Income Fund   Mutual Fund         832,065  
*
Fidelity
  Freedom 2000 Fund   Mutual Fund         13,874  
*
Fidelity
  Freedom 2010 Fund   Mutual Fund         2,327,973  
*
Fidelity
  Freedom 2020 Fund   Mutual Fund         2,105,932  
*
Fidelity
  Freedom 2030 Fund   Mutual Fund         905,243  
*
Fidelity
  Freedom 2040 Fund   Mutual Fund         751,329  
*
Fidelity
  Freedom 2005 Fund   Mutual Fund         80,064  
*
Fidelity
  Freedom 2015 Fund   Mutual Fund         2,082,124  
*
Fidelity
  Freedom 2025 Fund   Mutual Fund         1,216,955  
*
Fidelity
  Freedom 2035 Fund   Mutual Fund         694,113  
*
Fidelity
  Freedom 2045 Fund   Mutual Fund         17,548  
*
Fidelity
  Freedom 2050 Fund   Mutual Fund         27,914  

15


 

APTARGROUP, INC.
PROFIT SHARING AND SAVINGS PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AT DECEMBER 31, 2007
         
Name of plan sponsor:   AptarGroup, Inc.
 
   
Employer identification number:   36-3853103
 
   
Three-digit plan number:
  002
 
   
                           
              Description        
        Issuer     Identity of Issue   of Investment   Cost**   Fair Value  
          Money Market Funds
           
*  
Fidelity
    Retirement Government                
   
 
    Money Market Portfolio   Money Market Fund       $ 12,043,149  
*  
AptarGroup, Inc.
    Common Stock Fund   Money Market Fund         1,110  
   
 
                     
          Common Trust Funds
           
*  
Fidelity
    Managed Income Portfolio   Common Trust Fund       4,917,871  
   
 
                     
          Other Investments
           
*   Plan participants   Participant Loans — Range of interest rates 5.00-9.25%     2,486,500  
   
 
                     
   
 
                $ 104,322,712  
   
 
                     
 
*   Party-in-interest
 
**   Investments are participant-directed. Cost is not required to be presented.

16


 

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, AptarGroup, Inc., as plan administrator, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
             
 
  AptarGroup, Inc. Profit Sharing and Savings Plan    
 
           
 
  By:   AptarGroup, Inc., as Plan Administrator    
 
           
 
  By:   /s/ Lawrence Lowrimore    
 
           
 
      Lawrence Lowrimore
Vice President-Human Resources
   
June 27, 2008

17


 

INDEX OF EXHIBITS
     
Exhibit    
Number   Description
 
23.1*  
Consent of Independent Registered Public Accounting Firm.
 
*   Filed herewith.

18