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 is fairly low, with the top 10 customers representing about 21% of sales and the largest customer 6%. While primarily domestic in terms of geographic coverage, the company boasts an impressive operating footprint with manufacturing facilities throughout the U.S., serving an array of end markets.
