Kelso Co. in pact to buy BWAY Corp. for $330 million

ATLANTA - Atlanta-based BWAY Corp., a maker of steel containers, Tuesday said it agreed to be acquired by an affiliate of private New York investment firm Kelso & Co. LP for $20 a share, or $175 million. <br> <br> BWAY shares closed Tuesday at $19.27, up $5.37, or 39 percent on the New York Stock Exchange. <br> <br> BWAY said Chairman and Chief Executive Jean-Pierre Ergas and Vice Chairman Warren Hayford agreed to reinvest about 50 percent and 35 percent, respectively, of their equity holdings in the company after closing. <br> <br> Ergas will continue in his management role following the transaction. <br> <br> BWAY expects the deal to close in the first quarter of 2003, subject to shareholder approval, the availability of certain financing and other customary conditions. <br> <br> BWAY posted a 2001 operating loss of 6 cents a share on sales of $475 million.