Abstract: A deep compartment tray includes compartments separated by dividers which extend to between one-third and substantially the full depth of the tray. The tray is constructed from sheet material, such as polyester coated paper milk carton stock by cutting blanks from the stock, scoring the blank in regions where formation of wrinkles is to be avoided to induce the paper stock to fold and form as required, and pre-forming and finally forming the blank into the tray between a single set of dies. The pre-forming step and the forming step are conducted by a first female die defining the tray cavities or compartments, and surrounded by a first draw pad region, and a second male die including bosses or land areas in the compartment regions and recesses where the tray dividers are to be formed. The male die includes a set of cavities, one in each of the tray compartment regions.