AEP Industries Completes Sale of Dutch Rigids Operations.SOUTH HACKENSACK, N.J.--(BUSINESS WIRE)--June 22, 1997--AEP Industries, Inc. (Nasdaq:AEPI) announced today that it has completed the sale of its Rigids Packaging Operations located in Beuningen and Venlo, Holland, to RPC (Remote Procedure Call) A programming interface that allows one program to use the services of another program in a remote machine. The calling program sends a message and data to the remote program, which is executed, and results are passed back to the calling Group PLC for approximately $4 million. These two thermoforming businesses, with 1997 revenues of approximately $16 million, manufacture containers and trays for use in the food market. These businesses were not profitable in 1997. RPC will combine these businesses with its Bebo Group operations in Germany and Poland, which currently produce similar products, to further penetrate the Northern European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market. Commenting on the sale, Brendan Barba barba [L.] beard. , Chairman and Chief Executive Officer of AEP AEP - Application Environment Profile , stated, "This is the first step towards achieving our goal of focusing exclusively on our flexible packaging businesses. By disposing of the Rigids Packaging Operations, which were part of the Company's acquisition of Borden Global Packaging, we will be able to concentrate our efforts on AEP's more profitable core businesses both within Europe and worldwide." AEP Industries Inc. manufactures, markets, and distributes an extensive range of plastic packaging products for the food/beverage, industrial and agricultural markets. The Company has operations in 12 countries throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia/Pacific. Except for historical information contained herein, the statements in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, among others, risks associated with pricing, volume, and conditions of markets. Those and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.
CONTACT: Paul Feeney
Executive Vice President and
Chief Financial Officer
(201) 807-2330
e-mail: paulf@aepind.com
or
Morgen-Walke Associates
Investor Contact:
June Filingeri, John Blackwell
or
Media Contact:
Stan Froelich
(212) 850-5600
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion