The owner of one of Lawrence's biggest manufacturers is getting even bigger.
Berry Plastics Corp., which owns Packerware Corp. in Lawrence, said Friday that it would buy Ohio-based CPI Holding Corp., the parent company of Cardinal Packaging Inc.
Terms of the sale were not disclosed.
The acquisition -- Berry's 10th since 1991 -- gives the Evansville, Ind.-based company a "significant niche" in the market for plastic containers, said Martin R. Imbler, Berry's president and chief executive officer.
Cardinal Packaging, with $54 million in annual net sales, produces and supplies injection-molded containers for the frozen dessert market. It has plants in Streetsboro, Ohio; Minneapolis; and Ontario, Calif.
"Cardinal has long been the recognized leader in this market segment, and we believe this acquisition will bring tremendous synergy to the combined entity," Imbler said, in a statement.
Packerware, with $50 million in sales, produces housewares, drink cups and lawn and garden items at its 500,000-square-foot plant at 2330 Packer Rd.
Berry acquired Packerware -- then known as Packer Plastics -- for $26.3 million in 1997. The plant employs about 400 people.
Berry, with an average annual growth rate of 26 percent, reported net sales of $272 million last year.
Berry also has plants in Henderson, Nev.; Iowa Falls, Iowa; Charlotte, N.C.; York, Pa.; Suffolk, Va.; Monroeville, Ohio; Woodstock, Ill.; and Norwich, England.
The company's principal owners include affiliates of First Atlantic Capital, Chase Capital Partners, Aetna Life Insurance Co., The CIT Group/Equity Investments Inc. and Berry management.
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