Indiana Box Producer Sells For $100M

(Image of Bartholomew County headquarters courtesy of Columbus Container Inc.)

A company founded in Bartholomew County more than 40 years ago has been sold to Illinois-based Packaging Corp of America (NYSE: PKG). The deal for Columbus Container Inc. is valued at $100 million. The company was launched in 1975, and in addition to its headquarters and full-line corrugated production facility in Columbus, has five warehouses in Indiana and Illinois.

PCA says the acquisition will boost its bottom line by more than three times what it put into the deal, calling it a "great strategic fit." The Illinois company bills itself as the fourth-largest containerboard and corrugated packaging producer in the country. It currently operates eight mills and 95 plants.

Columbus Container founder Bob Haddad says the buyer had to meet several requirements, which include retaining the company name as well as all employees and their statuses, keep existing trucking and continuing to serve the communities where operations are located. Haddad also says the PCA deal will expand territory, training and services.

The deal is expected to close by the end of the year.

Haddad wrote a letter to customers explaining the transition: