18 November 2008 16:52 [Source: ICIS news]
2008 was not a normal year and 2009 would be ferociously competitive, CEO Brendan Barba and chief financial officer Paul Feeney told analysts in a briefing.
“The only risk that I can identify is that we are doing this [acquisition] right in the phase of a recession which is affecting every business we do business with,” said Barba.
However, apart from that the acquisition was essentially “no risk”, he said.
With the consolidation of Atlantis’ films business, AEP would be the largest plastics films producer in ?xml:namespace>
“There isn’t a single product in stretch film that the combined company can’t sell,” said Barba.
The transaction was expected to yield estimated $20m in synergies over three years, he said.
AEP closed an Atlantis 35m lb/year stretch films plant in
The plant was one of three stretch films plants it acquired from Atlantis.
AEP did not expect having to make any significant investments in the business through 2009 but may invest in 2010 to upgrade some facilities, the executives said.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|