GE Plastics Acquires Some Matra Plast Assets to Complement Polycarbonate Sheet and Film Offerings.Business Editors PITTSFIELD, Mass.--(BUSINESS WIRE)--March 15, 2001 GE Plastics, an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of General Electric Company (NYSE NYSE See: New York Stock Exchange :GE) announced today that it has acquired the polycarbonate A category of plastic materials used to make a myriad of products, including CDs and CD-ROMs. extrusion assets of Matra Plast Industries, Inc., a manufacturer of solid, multi-wall and corrugated cor·ru·gate v. cor·ru·gat·ed, cor·ru·gat·ing, cor·ru·gates v.tr. To shape into folds or parallel and alternating ridges and grooves. v.intr. polycarbonate sheet products located in Long Sault, Ontario Long Sault is one of two towns in the Canadian province of Ontario (Ingleside is the other) built to replace The Lost Villages, which were flooded by the construction of the St. Lawrence Seaway in 1958. The town is named for the Long Sault, a rapids in the St. , Canada. Terms of the transaction were not disclosed. The acquisition includes land, plant and equipment, inventory, intellectual property and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. associated with the 250,000-square-foot plant at Long Sault. Not included in the acquisition are other Matra Plast entities including Hi-Core Corrugated Polypropylene and Polyethylene, Berthierville, Quebec, Canada; KMP KMP Kilusang Magbubukid ng Pilipinas (political group in the Philippines) KMP Knuth-Morris-Pratt (string matching algorithm) KMP Key Management Protocol KMP Keep Me Posted KMP Key Management Personnel Plastics, Fullerton, California; and Numatech Industries, Puslinch, Ontario, Canada. "The acquisition of these Matra Plast assets complements our ability to manufacture and market polycarbonate sheet products worldwide," says Jeff Rea, GE Plastics Structured Products general manager in the Americas. "This addition expands our product line and improves our ability to serve customers who use corrugated and multi-wall polycarbonate sheet." The business employs 63 people in the manufacturing and marketing of custom-engineered solid and multi-wall sheet products under the trade names Verolite(R) and Vistar(R). GE Plastics plans to retain the Verolite and Vistar trade names and will continue to offer the product lines through current distribution channels. Key markets for the Verolite and Vistar products include greenhouses, signs, architectural and construction. GE Plastics is a global manufacturer of high performance materials, including engineering thermoplastics, silicone products, specialty chemicals, petrochemicals, circuit boards and man-made diamonds. GE Plastics is also a global distributor of plastics resins through GE Polymerland and plastics shapes through Cadillac Plastic and Commercial Plastics and Supply. Sales for GE Plastics amounted to $7.7 billion in 2000. The company has its headquarters at Pittsfield, Massachusetts, USA. Visit the company online at http://www.geplastics.com |
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