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VIATECH FINALIZES ACQUISITION

 VIATECH FINALIZES ACQUISITION
 SYOSSET, N.Y., Nov. 25 /PRNewswire/ -- Viatech, Inc. (AMEX: VTK)


chairman of the board and chief executive officer, Donald J. Bainton announced today that Viatech's 50 percent-owned subsidiary, Plastic Containers, Inc. ("PCI") has completed its purchase of all of the outstanding stock of Continental Plastic Containers, Inc. and Continental Caribbean Containers, Inc. (collectively, "CPC"). The transaction involved aggregate consideration of $153,450,000 of which $53,450,000 was paid in cash and $100,000,000 was represented by a secured promissory note of PCI. PCI has also agreed to pay additional amounts if CPC's sales exceed certain specified levels in the years 1992 and 1993.
 PCI purchased the stock of CPC from Continental Holdings, Inc., the successor to Continental Can Co., Inc., which is a wholly owned subsidiary of Peter Kiewit Sons', Inc.
 CPC, formerly part of Continental Can Co., is a leader in the development and manufacture of extrusion blow-molded plastic containers. CPC manufactures and sells plastic containers ranging in size from 6 ounces to 2-1/2 gallons for the food, automotive, personal care, household chemical, industrial and agricultural chemical markets. CPC has 15 manufacturing plants located throughout the country from which it serves a highly focused customer base consisting of national consumer goods companies. CPC's 1991 sales are expected to exceed $200,000,000.
 Bainton commented: "This acquisition, our first in the United States, gives Viatech a major presence in a growing segment of the packaging market. The addition of CPC to our existing European packaging businesses should help us increase Viatech's consolidated revenues to over $500 million in 1992 and bring us closer to our goal of becoming a major force in the packaging industry."
 Viatech, Inc. through its European subsidiaries, Ferembal S.A., Dixie Union Verpackungen GmbH and Onena Bolsas de Papel S.A., manufactures cans, plastic films and equipment for the packaging industry and prints and laminates packing for the food and snack food industry. The company's U.S. subsidiary, Lockwood, Kessler & Bartlett, Inc., provides engineering services.
 -0- 11/25/91
 /CONTACT: Donald J. Bainton, chief executive officer of Viatech, 516-822-4940/
 (VTK) CO: Viatech, Inc. ST: New York IN: SU: TNM


SH-OS -- NY020 -- 6732 11/25/91 10:05 EST
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Publication:PR Newswire
Date:Nov 25, 1991
Words:369
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