New-Indy JV, a joint venture between Kraft Group and Schwartz Partners, will acquire High Point-based corrugated products company Carolina Container for an undisclosed amount.
The acquisition of the company, that employs more than 600 people, will be completed by the end of January. It will include CaroConDisplay and Packaging, a division of Carolina Container.
Pam Myers, accounting/office manager for the company's corporate office in High Point, said that the company's goal of the acquisition was to help Carolina Container grow and not take away operations.
The company currently operates a 175,000ft2 manufacturing facility at High Point.
It operates from Archdale and Thomasville apart from its locations in South Carolina, Kentucky and Virginia.
New-Indy said in a statement: "Carolina Container is a great fit strategically to our existing operations with their broad footprint of corrugated converting operations in the Southeast and an unmatched senior management team that will be a great addition to New-Indy.
"This acquisition will allow us to better support our customers with exceptional quality while expanding our reach and responsiveness in the region. We are excited about the opportunities this acquisition will provide and the services we will be able to provide through the combined companies."
The Triad Business Journal quoted New Indy officials as saying: "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."
