New-Indy, a joint-venture (JV) between Kraft Group and Schwartz Partners, has agreed to acquire corrugated products company Carolina Container for an undisclosed amount.
Carolina Container has entered into an agreement to this effect, reported The Triad Business Journal.
The transaction includes the acquisition of Carolina Container’s division CaroConDisplay and Packaging, which will be completed by the end of January.
Carolina Container board chairman Henry G. Foy said: "We are delighted that our company will continue in the capable hands of the fine people at New-Indy."
Carolina Container currently employs more than 600 people. It operates a 175,000ft² manufacturing facility at High Point and has operations in Archdale, Thomasville, South Carolina, Kentucky and Virginia.
New-Indy officials said: "The combination of New-Indy and Carolina Container guarantees Carolina Container’s customers long-term security of raw material access, while providing New-Indy an East Coast presence that complements our existing trading strategy."
Image: Carolina Container manufactures corrugated products for the packaging industry. Photo: courtesy of mrpuen / freedigitalphotos.net.