Newspaper article from our research archive:

CHERRY CONFIRMS PLAN TO TAKE WAUKEGAN COMPANY PRIVATE

Peter Cherry, chairman and president of $360 million Cherry Corp., Tuesday confirmed that his proposed buyout of the company is aimed at taking the company private. In his first telephone interview with The News Sun since announcing his proposal, Cherry, asked if he intended to make it a private company, said, "That's exactly right."

Cherry, son of the late founder of the Waukegan-based company, declined to elaborate.

Now that he has made the proposal, it has become "a legal matter," he said.

Robert McDermott, a attorney with the Chicago law firm of McDermott Will & Emery, is heading the special committee of independent directors that will review and consider his proposal, Cherry said.

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