Expanded market position across various rigid product segments, following Kerr and Landis acquisitions; Well-diversified customer base, mostly in food and consumer products markets; and Attractive operating margins. Fragmented, and highly competitive industry structure; High and volatile raw material (plastic resin) prices; and High debt leverage and a highly leveraged financial policy incorporating an acquisition-driven growth strategy. The ratings on Berry Plastics Holding Corp., the parent of Berry Plastics Corp., reflect its highly leveraged financial profile, which is partially offset by the company's fair business profile with large market shares in niche segments, a well-diversified customer base, and strong customer relationships. With annual sales of about $1.4 billion, privately held, Evansville, Ind.-based Berry is a leading manufacturer and supplier of plastic
