Advertisement

Archive for Saturday, June 19, 1999

PACKERWARE PARENT ACQUIRES OHIO FIRM

June 19, 1999

Advertisement

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.

-- Mark Fagan's phone message number is 832-7188. His e-mail address is mfagan@ljworld.com.

Commenting has been disabled for this item.