Leading U.S. manufacturer of rigid and flexible packaging; Relatively stable earnings, particularly in the high-margin rigid segment; and Well-diversified customer base. Very highly leveraged; Vulnerable to working capital swings caused by volatile raw material costs; Some exposure to cyclical construction and auto markets; and Risks associated with the company's strategy of growth via acquisitions. The ratings on Evansville, Ind.-based Berry Plastics Corp. reflect its fair business risk profile and risks associated with its highly leveraged financial profile and acquisition-driven growth strategy. Berry is a leading producer of rigid plastic packaging products for relatively stable dairy, food, beverage, health care, and other consumer product applications. The company also manufactures flexible packaging products, some of which serve more cyclical end markets. In
