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Minnesota firm Liberty Diversified International buys Phoenix manufacturer Preferred Packaging and Crating

Friday, Apr 13, 2018

Minneapolis-based Liberty Diversified International has acquired Phoenix-based manufacturer Preferred Packaging and Crating Inc for an undisclosed amount.

Preferred Packaging will stay under its current name, and join LDI's Packaging South Group, which is headquartered in San Diego.

LDI declined to disclose the price or purchase agreement, but said the current primary manufacturing plant will remain in operation and there are no layoffs expected and all 70 employees currently working at Preferred Packaging are expected to stay.

There are no plans to expand or contract the company currently, according to a company spokesperson.

"This transaction with Preferred Packaging builds our packaging industry power in the southwest U.S., expanding our ability to serve customers in this region," Mike Fiterman, LDI Chairman and CEO, said in a statement.

Currently, LDI has over 1,800 employees and facilities in Minnsota, Mexico, Nebraska, Texas, California and the Quad Cities area. It operates in paper and packaging; office furnishings and organization products and building and architectural products.

Preferred Packaging owners Mike and Andi Eagelton will remain with the company.

In a statement, Mike Eagleton said LDI provides like-minded business values, which he called "a crucial element" in deciding to make the transaction. He will be joining the LDI company to help ease the transition for employees and customers.

"It was very important to us that our employees would continue to be employed and have long-term growth opportunities. LDI, a 100-year-old company, offered both,” Andi Eagleton said in a statement.

 

Source: bizjournals.com

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