Tekni-Plex, Inc. to Acquire Tri-Seal International's Operations.

SOMERVILLE, N.J.--(BUSINESS WIRE)--Jan. 4, 1999--Tekni-Plex, Inc. and Tri-Seal International, Inc. jointly announced today that Tekni-Plex has agreed to acquire the operations of Tri-Seal in a cash transaction. The transaction is structured as an acquisition of substantially all the assets of Tri-Seal by a wholly-owned subsidiary of Tekni-Plex and is expected to be completed during the first quarter of 1999, subject to normal regulatory approvals. The purchase price, which has not been disclosed, will be financed from operating cash flows of the Company.

Tekni-Plex Chairman and Chief Executive Officer, Dr. F. Patrick Smith, stated that "this acquisition will dramatically extend our product offerings in the closure liner industry. Tri-Seal adds highly complementary technology to our traditional laminated closure liner business, as well as our dispenser gasket product lines. In fact, our European operations have been a licensee of Tri-Seal technology for years. Another significant benefit will be the addition of experienced Tri-Seal managers, who will play a key role in operating the combined cap-lining materials business. Simply put, this is a great fit."

Tri-Seal President and Chief Operating Officer Bruce Burns added that "as part of a well capitalized, forward looking company like Tekni-Plex, we can offer customers a growing, international presence in both manufacturing and marketing. This technology-driven parent will further enhance Tri-Seal's ability to deliver the most advanced products in the industry."

Tekni-Plex, Inc. is a global, diversified manufacturer of packaging, products, and materials for the healthcare, consumer, and food packaging industries. Tekni-Plex is a privately held company, with 28 manufacturing facilities worldwide and approximately 2,800 employees.

Tri-Seal International, Inc. is a leader in sophisticated extruded and co-extruded cap-liners and seals marketed under the Tri-Seal, Tri-Gard and Tri-Shield trademarks, among others. Tri-Seal operates an advanced manufacturing facility in Blauvelt, New York.