Broad product offering within rigid and flexible product segments; and Well-diversified customer base, mostly in relatively stable food and consumer products markets. Extremely high debt leverage; Volatile raw material costs; Some exposure to cyclical construction and auto markets; and Fragmented and highly competitive industry structure. The ratings on Berry Plastics Group Inc. and its subsidiary Berry Plastics Corp. reflect risks associated with the company's very highly leveraged financial profile and acquisition-driven growth strategy as well as its fair business risk profile with large market shares in niche segments, a well-diversified customer base, and long-standing customer relationships. Evansville, Ind.-based Berry ranks among the largest packaging companies in North America, with leading positions in both rigid and flexible plastic packaging. Customer concentration
