CARAUSTAR INDUSTRIES' SUBSIDIARY ACQUIRES ARIZONA TUBE & CORE, INC.
ATLANTA, May 24 /PRNewswire/ -- Caraustar Industries, Inc. (NASDAQ-NMS: CSAR) today announced that its tube, core, and specialty packaging subsidiary, Star Paper Tube, has acquired Arizona Tube & Core, Inc., of Phoenix, Ariz. With 24 locations throughout the United States and Mexico, Star Paper Tube is a leading manufacturer of paper tubes, cores, and specialty products. While terms of the agreement were not disclosed, it is expected that annual sales contributions from Arizona Tube & Core will be approximately $2.0 million. Founded in 1983, Arizona Tube & Core supplies the construction industry, its primary market, with column form tubes, void tubes, test molds, and dowel rod covers. Arizona Tube & Core has established a leadership position in concrete forming tubes which are sold and marketed under the "Kolum Form" name. The geographic distribution of Arizona Tube & Core's products include Arizona, California, Colorado, Nevada, New Mexico, Texas, and Utah. The contribution of this acquisition significantly adds to Star Paper Tube's market share in the western United States. Marc Kurtzeborn, the founder of Arizona Tube & Core, will remain with Star Paper Tube at the Phoenix location to manage this operation. Since its inception, Kurtzeborn has led the company to achieve an impressive growth rate which assisted in its recognition by Inc. magazine on its "500 Fastest Growing Privately Held Companies in the U.S. List" in 1988. Caraustar's 11 recycling paperboard mills make it one of the largest and lowest-cost producers of recycled paperboard in the United States. At its 34 converting facilities, the company manufactures a wide variety of paper tubes, cores, folding cartons, and industrial packaging. Caraustar also operates 25 recycling and waste collection facilities. -0- 5/24/93 /CONTACT: H. Lee Thrash III, chief financial officer of Caraustar Industries, 404-948-3101/ (CSAR)
CO: Caraustar Industries, Inc.; Arizona Tube & Core, Inc. ST: Georgia, Arizona IN: PAP SU: TNM
BR-BN -- AT005 -- 1799 05/24/93 15:20 EDT
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|Date:||May 24, 1993|
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