AEP pays $99m for Atlantis' plastic films ops

31 October 2008 16:46  [Source: ICIS news]

TORONTO (ICIS news)--US packaging firm AEP Industries has completed its acquisition of almost all the plastics films assets of Atlantis Plastics, paying $99.2m (€76.4m) in cash, it said on Friday.

 

The acquisition would position AEP as a key supplier of flexible packaging in North America, it said.

 

AEP was financing the deal primarily through its revolving credit facility, which has been increased by $25m to $150m, and cash on hand, it said.

 

Atlantis Plastics, which is in bankruptcy protection under the US bankruptcy code, said in August it planned to substantially sell all of its assets after it found that reorganising the company was not a viable option.

 

($1 = €0.77)

 

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By: Stefan Baumgarten
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