Exopack Signs to Buy Plassein Flex-Pack Plants

Published: May 16, 2003, By PRESS RELEASE

SPARTANBURG, SC, & WILLINGTON, CT, USA—Exopack LLC and Plassein International Corp. recently announced the companies have signed letters of intent with respect to Exopack's acquisition of Plassein's flexible packaging facilities in Thomasville, NC; Longview, TX; and Newmarket, Canada.

Says Pat Woods, Exopack president/CEO: "Combining our operations will further enhance our ability to serve the market with quality products and outstanding service. In addition, 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 toward our strategic goal of expanding our already successful plastic flexible packaging business and significantly growing Exopack."

According to the Exopack, the companies are in the process of negotiating definitive terms, which neither packaging manufacturer have disclosed. Mesirow Financial Inc. is serving as exclusive finanical advisor to Plassein on these transactions, adds the co.s.

Based in Spartanburg, Exopack reportedly is a major supplier of flexible packaging for consumer and industrial products. Plassein Intl. Corp. is a holding company with eight subsidiaries: Plassein Intl. reportedly is a leading manufacturer of value-added flexible, plastic packaging and specialty film products for both retail and wholesale industries.

More information is available at exopack.com. Visit Plassein at plassein.com.