Applied Extursion Technologies released from $15 million obligation to purchase Polo.PEABODY, Mass.--(BUSINESS WIRE)--April 27, 1995--Applied Extrusion Technologies Inc. (NASDAQ-NMS: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 ) today announced that its obligation to purchase Hercules Incorporated's 49.7% equity interest in Polo, a Brazilian manufacturer of oriented polypropylene films, had been terminated. When AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. acquired its packaging films business from Hercules in April 1994, Hercules retained the right to require AET to purchase its equity interest in Polo for $15,000,000, subject to adjustment, if Polo were not sold before April 1994. Polo was recently sold by Hercules to a third party. The expiration of this contingent purchase obligation allows AET to focus more directly on its strategic North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. markets and to invest this capital in a manner consistent with its strategic direction. Applied Extrusion Technologies Inc., is a market leader in the development, manufacture and sale of plastic packaging films to the food, beverage, confectionery confectionery, delicacies or sweetmeats that have sugar as a principal ingredient, combined with coloring matter and flavoring and often with fruit or nuts. In the United States it is usually called candy, in Great Britain, sweets or boiled sweets. and other consumer products industries and is a leading manufacturer of oriented plastic netting products for the health care and other growth markets. CONTACT: Jay Jacobson Financial Relations, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Jay Jacobson, 212/889-6362 |
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