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AMOCO FOAM PRODUCTS COMPANY SIGNS AGREEMENT TO SELL ITS HIGH PERFORMANCE PACKAGING ASSETS TO ANCHOR PACKAGING

 ATLANTA, Aug. 16 /PRNewswire/ -- Amoco Foam Products Company announced today it has agreed to sell its High Performance Packaging assets in Sioux Falls, S.D., to Anchor Packaging of St. Louis.
 "We are still working on the details of the sale, which includes only the High Performance Packaging assets located in Sioux Falls," said Joe Strickland, Amoco Foam Products Company, president.
 Amoco Foam and Anchor signed an agreement for the sale and purchase of the assets on Aug. 13. Purchase price and specific terms of the agreement were not disclosed. Amoco Foam will continue to meet the requirements of its High Performance Packaging customers until the sale is final.
 Anchor has informed Amoco that it intends to continue operating the plant, which currently employs approximately 72 people.
 "We realize there are still a lot of unanswered questions for our employees and customers," Strickland said. "We are working closely with Anchor on these issues to ensure a smooth transition when the sale is completed."
 Amoco Foam Products also manufactures and markets polystyrene foam food service disposables, industrial products, and packaging trays for a variety of applications. These product lines are unaffected by this transaction. Amoco Foam Products is an affiliate of Amoco Chemical Company, a subsidiary of Chicago-based Amoco Corporation (NYSE: AN).
 Anchor Packaging, a division of Herman Companies in St. Louis, provides package design, tooling, sheet extrusion, thermoforming, and packaging equipment to customers worldwide.
 -0- 8/16/93
 /CONTACT: Kristine Stremel, associate public affairs representative, 605-335-5521 (Aug. 16), or after Aug. 16, 303-830-4102; or James K. Spangler, 404-512-6856, both of Amoco Corporation/


CO: Amoco Foam Products Company; Anchor Packaging ST: South Dakota; Missouri IN: SU: TNM

BR-RA -- AT003 -- 3150 08/16/93 14:21 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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