Exopack, LLC Signs Letter of Intent with Plassein International Corp.
"Combining our operations will further enhance our ability to serve the market with quality products and outstanding service," said Pat Woods, President and CEO of Exopack. "In addition to the obvious capability added by the two former Rex plants, this acquisition increases our operating capability and our ability to serve our major plastics customers in the important West Coast and Canadian markets. This acquisition is a major step towards our strategic goal of expanding our already successful plastic flexible packaging business and significantly growing Exopack."
Bud Philbrook, President and CEO of Plassein International, commented, "We are extremely pleased to be moving so rapidly towards the goal of our Chapter 11 proceedings, that is, to sell the business to a strong and successful company that can help our operating entities realize their full potential. We are gratified to have arrived at this point with Exopack, a company the industry holds in high regard."
Plassein and Exopack are in the process of negotiating definitive agreements. Terms were not disclosed. Mesirow Financial, Inc. is serving as exclusive financial advisor to Plassein International on these transactions.
Exopack is a major supplier of flexible packaging for consumer and industrial products based in Spartanburg, SC. Exopack serves markets including food, pet food, building materials, charcoal and lawn and garden products. For more information, see www.exopack.com.
Plassein International Corp. is a holding company with eight subsidiaries. Plassein International is a leading manufacturer of value-added, flexible plastic packaging and specialty film products for both retail and wholesale industries. The company operates six manufacturing and/or distribution facilities located in California, Michigan, New Hampshire, North Carolina, Texas, and Ontario, Canada, and has its corporate headquarters in Connecticut. The company employs approximately 790 persons, including approximately 600 in the United States. During 2002, the Company generated gross operating revenues of approximately $146 million. For more information, see www.plassein.com.