APPLIED EXTRUSION TECHNOLOGIES, INC. REJECTS HUNTSMAN PROPOSAL.BOSTON--(BUSINESS WIRE)--August 14, 1998--Applied Extrusion Technologies, Inc. (Nasdaq NMS See NetWare Management System. :AETC AETC Air Education & Training Command (US Air Force) AETC Air Education and Training Command AETC AIDS Education and Training Centers AETC Alabama Educational Technology Conference AETC Advanced Engineering Technology Conference ) announced today that, following detailed review and deliberation deliberation n. the act of considering, discussing, and, hopefully, reaching a conclusion, such as a jury's discussions, voting and decision-making. DELIBERATION, contracts, crimes. , its Board of Directors had unanimously rejected the unsolicited and conditional proposal of Huntsman Packaging Corporation to acquire all of the outstanding Common Stock of AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. for a cash price of $10.50 per share. "We simply concluded that the Huntsman proposal failed in all material respects to serve the best interests of AET's shareholders," stated Amin J. Khoury, Chairman of AET's Board of Directors. "The strategic plans of the Company have been carefully thought out and well executed. Manufacturing capacity has been increased by sixty percent with the addition of new, highly efficient assets, new products have been and continue to be developed and commericalized at an unprecedented pace, and some of the most talented professionals in the industry have been assembled to run the organization." "Although theindustry-wide start-up of seven new large-scale production lines has moved the industry into a cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. trough, we strongly believe that the successful implementation of the Company's strategic intiatives has positioned AET extremely well for dramatically improving earnings commecing in fiscal year 1999. In addition, the Company's global growth initiative, which began eighteen months ago with the seeding of international markets from domestic production, led directly to the recently announced acquisition of the worldwide films businesses of Royal Dutch/Shell Group. In a single stroke, that acquisition will double the size of the Company and propel it into a position of global leadership in the industry. Given these prospects for the Company's business, the Board's choice was easy. The Board unanimously concluded that the interests of shareholders will best be served by remaining independent," Mr. Khoury concluded. Applied Extrusion Technologies, Inc. is a leading developer and manufacturer of highly specialized plastic films used primarily in consumer product labeling, flexible packaging and health care applications. Through its technological innovations, AET is a leader in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. oriented polypropylene polypropylene (pŏl'ēprō`pəlēn), plastic noted for its light weight, being less dense than water; it is a polymer of propylene. It resists moisture, oils, and solvents. and apertured films markets and with the acquisition of Royal Dutch/Shell Group's film operations, will become a worldwide leader in the OPP OPP Opposite OPP Opportunity/Opportunities OPP Office of Pesticide Programs OPP Ontario Provincial Police (Ontario, Canada) OPP Office of Polar Programs (National Science Foundation) films industry. Except for the historical information contained herein, the matters discussed in this report 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 involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including those risks related to the timely development and acceptance of new products, fluctuations in raw materials and other production costs, the loss of one or more significant customers, the impact of competitive products and pricing, the timely completion of capital projects, the success of the Company's efforts to access capital markets on satisfactory terms, and to acquire, integrate, and operate new businesses and expand into new markets, as well as other risks detailed in Exhibit 99 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended September 30, 1997 and from time to time in the Company's other reports filed with the Securities and Exchange Commission.
CONTACT: Applied Extrusion Technologies, Inc.
Anthony J. Allott
Vice President and
Chief Financial Officer
978/538-1516
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