Henderson manufacturer’s parent looking for a deal

Thursday, March 21, 2002 | 9:52 a.m.

SUN STAFF AND WIRE REPORTS

Berry Plastics Corp., a closely held maker of plastic cups and housewares, said Wednesday it hired J.P. Morgan Chase Co. and Credit Suisse First Boston Corp. to help review potential transactions, including a sale of the company.

Berry, based in Evansville, Ind., employs about 130 people at a plant in Henderson.

Berry said the review will take several months to complete and isn't certain a transaction will occur, according to a statement.

Berry is looking to strengthen its competitive position, Chief Executive Officer Ira Boots said. "We are looking at all options at this point," he said in an interview.

The company also makes open-top containers, aerosol overcaps and closures. Customers include McDonald's Corp. and L'Oreal SA.

Berry's owners include affiliates of First Atlantic Capital Ltd., J.P. Morgan Partners, Aetna Life Insurance Co. and members of company management, it said in the statement.

"Berry has experienced tremendous growth over the past 12 years. Our strategy of acquiring leading specialty plastics manufacturers, focusing on our high value, niche market brands and expanding our operations to cover global markets is succeeding," Chief Executive Ira Boots said.

"After another year of sterling financial performance, the board and management are seeking to further strengthen the company's competitive position."