Printer Friendly

TUSCARORA INCORPORATED SELLS INTEREST IN WHITE KNIGHT PACKAGING

 NEW BRIGHTON, Pa., April 26 /PRNewswire/ -- Tuscarora Incorporated (NASDAQ: TUSC) today announced it sold its 49 percent equity interest in White Knight Packaging Corporation of Grand Rapids, Mich., to Parmalat America, Inc., a subsidiary of Parmalat S.p.A. of Parma, Italy.
 Tuscarora said it will realize a pre-tax gain of approximately $750,000 on the sale, which will be reflected in the results of the third quarter of fiscal year 1993.
 Parmalat also purchased 26 percent of White Knight from a private third party investor and now owns 75 percent of the outstanding shares of White Knight. White Knight provides aseptic packaging services on a contract basis to manufacturers and marketers of specialty liquid food products. Parmalat is a multinational producer and distributor of a wide range of food products.
 Tuscarora Incorporated is the nation's largest producer of custom-molded products made from expanded plastic materials. The company also manufactures interior protective packaging made from multiple materials including foam plastic and corrugated paper; returnable aluminum material handling containers; and custom thermoformed plastic products.
 Tuscarora's customers include a wide range of consumer and industrial product manufacturers of electronic, high technology, appliance and automotive products. The company operates manufacturing facilities at 19 locations and serves more than 1,500 customers in 40 states, Canada and Mexico.
 -0- 4/26/93
 /CONTACT: Brian C. Mullins of Tuscarora, 412-843-8200/
 (TUSC)


CO: Tuscarora Incorporated; White Knight Packaging Corporation;
 Parmalat America, Inc.; Parmalat S.p.A. ST: Pennsylvania IN: CHM SU: TNM


DM-MA -- PG010 -- 0718 04/26/93 12:49 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 26, 1993
Words:255
Previous Article:PACIFIC ASIA TECHNOLOGIES ANNOUNCES FRESH TECH LAWSUIT
Next Article:TOTAL SYSTEM SERVICES NAMES W. WALTER MILLER TO BOARD OF DIRECTORS
Topics:


Related Articles
TUSCARORA PLASTICS REACHES AGREEMENT TO ACQUIRE MAJOR NEW ENGLAND CUSTOM MOLDER
TUSCARORA PLASTICS ANNOUNCES INVESTMENT IN WHITE KNIGHT PACKAGING CORPORATION
TUSCARORA PLASTICS, INC. CHANGES NAME
TUSCARORA INCORPORATED REACHES AGREEMENT TO ACQUIRE CUSTOM MOLDED FOAM POLYPROPYLENE BUSINESS
TUSCARORA INCORPORATED ANNOUNCES THIRD QUARTER RESULTS, DECLARES DIVIDEND INCREASE
TUSCARORA INCORPORATED ANNOUNCES RECORD FIRST QUARTER RESULTS, DECLARES 22ND CONSECUTIVE DIVIDEND INCREASE, COMPLETES ACQUISITION, AND ESTABLISHES...
BASF and Tuscarora Incorporated to Conduct a Joint Feasibility Study
Tuscarora Acquires Two California Companies, Plans New Facility Construction In Tijuana, Mexico
Tuscarora Announces Acquisition of UK Packaging Manufacturer
Tuscarora Incorporated Purchases Tennessee Foam Molding Operation.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters