HOLOPAK TECHNOLOGIES ACQUIRES ALUBEC INDUSTRIES INC.
EAST BRUNSWICK, N.J., March 18 /PRNewswire/ -- HoloPak Technologies, Inc. (NASDAQ: HOLO) said today that it completed its merger with Alubec Industries Inc. (Montreal Stock Exchange: ALZ). Under the merger, Alubec will become a wholly-owned subsidiary of HoloPak. Alubec is in the business of laminating aluminum foil to paper and paperboards for the printing and packaging industries. Alubec also manufactures florist foil, food wrap, lids, interleaved sheets and decorating foil. Alubec's earnings from continuing operations in 1991 were $1.2 million (Can.) on consolidated sales of $15.1 million (Can.). The merger provides for the payment of approximately $5.2 million in cash, the issuance of 223,000 shares of HoloPak common stock, and the issuance of warrants for 200,000 Holopak shares, at $10.00 per share, that will become exercisable if a certain earnings target is achieved during the next three years. "This merger makes good sense for two reasons," said Harry Parker, chief executive officer of HoloPak. "First, Alubec is a first-class company with first-class management. They have demonstrated consistent profitability, and we believe HoloPak will further enhance this track record." "Second, Alubec fits in well with our expansion strategy into metallized paper. By combining their longstanding expertise in paper sales, handling and conversion with our proprietary new formulas, we will be able to accelerate our expansion into this market," Parker said. "We are delighted to become shareholders of HoloPak," said Leslie Sandler, chairman of Alubec. "HoloPak and Alubec are a good strategic fit and we are looking forward to working together to expand our markets." HoloPak Technologies, Inc. is a leading specialty manufacturer of holographic images, hot stamp foils, diffractive films and laminates used to decorate or label a wide variety of products including packaging and promotional materials, greeting cards, paperback book covers, cosmetics, appliances, and sporting goods. Three-dimensional holograms are also used in security/anti-counterfeiting applications. -0- 3/18/93 /CONTACT: David W. Jaffin of HoloPak Technologies, Inc. 908-238-2883/ (HOLO)
CO: HoloPak Technologies, Inc.; Alubec Industries Inc. ST: New Jersey IN: SU: TNM
WB -- NY010 -- 7306 03/18/93 08:46 EST
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|Date:||Mar 18, 1993|
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