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FAST-GROWING VIATECH TO BECOME CONTINENTAL CAN COMPANY;REVENUES EXPECTED TO SOAR PAST 500 MILLION WITH CONSOLIDATION, NYSE LISTING BEING SOUGHT

FAST-GROWING VIATECH TO BECOME CONTINENTAL CAN COMPANY;REVENUES EXPECTED TO SOAR PAST 500 MILLION WITH CONSOLIDATION, NYSE LISTING BEING SOUGHT
 SYOSSET, N.Y., Sept. 15 /PRNewswire/ -- The founding of a new Continental Can Company (CCC) was announced today. All rights to the CCC name and world-recognized logo have been purchased by fast-growing Viatech, Inc. (AMEX: VTK), reported Donald J. Bainton, former president and 30-year veteran of CCC who, since 1983, has been chairman and chief executive officer of Viatech.
 The rights were purchased from Peter Kiewit Sons Inc., which acquired the Continental Group, including CCC, in 1984 and sold off most of its segments. Viatech will change its name upon receipt of shareholder approval.
 Bainton said that Viatech had also entered into an agreement with Merrywood, Inc., for the future acquisition of the 50 percent of Plastic Containers Inc. (PCI) owned by Merrywood. The agreement immediately gives Viatech voting control of PCI, allowing the consolidation of PCI's results. After July 1, 1994, Merrywood could exchange its 50 percent interest in PCI for 887,500 shares of Viatech. In the alternative, Merrywood could put its PCI interest to Viatech for $30 million, its original cost, in addition to prime plus 1 percent since the acquisition. Bainton noted that the consolidated revenues of Viatech -- soon to be Continental -- would exceed $500 million for 1992.
 Bainton also announced that the company had applied for listing on the New York Stock Exchange.
 "We are constantly seeking new acquisitions to reach our goals of at least $1-1/2 billion in sales within the next few years," Bainton said. "It's exciting to contemplate the phoenix-like rise of a new Continental Can Company. We bought Continental's original 1904 boardroom table some time ago, and now we can use it as our own."
 Under Bainton's stewardship, Viatech has grown from $6 million in revenues in 1983 to $294 million in 1991 -- and expects revenues of $500 million plus in 1992. Net income in 1991 was $7,394,000.
 Originally engaged in engineering, Viatech was moved into packaging by Bainton's acquisition of several European packaging companies. Bainton regularly employs the expertise of former Continental employees as consultants, which will aid in the development of the new CCC.
 Plastic Containers, Inc., was formed for the 1991 purchase of Continental Plastic Containers, Inc. (CPC), the last remaining packaging unit of the original CCC. Continental Plastic Containers, Inc., is a leading manufacturer of extrusion blow-molded plastic bottles and containers for the nation's top consumer products companies.
 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 packaging for the food and snack food industry. The company's other U.S. subsidiary, Lockwood, Kessler & Bartlett, Inc., provides engineering services.
 -0- 9/15/92
 /CONTACT: Donald J. Bainton, CEO, or Abdo Yazgi, executive vice president, 516-822-4940, both of Viatech/
 (VTK) CO: Viatech, Inc.; Continental Can Company; Merrywood, Inc. ST: New York IN: PAP SU:


GK -- NY025 -- 9619 09/15/92 12:01 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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