ITW ACQUIRES PLASTICS RECYCLING OPERATION FROM DUPONT
ITW ACQUIRES PLASTICS RECYCLING OPERATION FROM DUPONT GLENVIEW, Ill., June 23 /PRNewswire/ -- Illinois Tool Works Inc.
(NYSE: ITW) on Friday, June 19, acquired the assets of the Plastic Recycling Alliance, a post-consumer plastic recycling operation, from E.I. DuPont de
Nemours and Co., Wilmington, Del. The sale includes the assets of two recycling plants, one in Chicago and one in Philadelphia. Terms of the agreement were not disclosed.
ITW will use the post-consumer recycled feedstock produced by the Chicago-based operation directly into the manufacture of its businesses' industrial and consumer packaging products. Respectively, these products are Signode Packaging's polyester strapping, (of which post- consumer recycled PET bottles are a significant raw material source) and Hi-Cone's 6-pack and 12-pack ring carriers, which will be returned to the facility by Hi-Cone customers. Once refurbished, the plant will become Hi-Cone's central U.S. recycling facility. The carriers are already one of the world's best examples of minimal packaging, requiring one-tenth the material needed by paperboard multi-packaging wraps. Also, unlike other plastic multipack carriers, Hi-Cone carriers are photodegradable and 100 percent recyclable. "We realize the importance of industry becoming proactive on environmental issues," said John Nichols, ITW chairman and chief executive officer. "We view this acquisition as a sound business option that makes practical, economic sense for our company, as well as one that permits us to increase the volume of post-consumer, recycled plastic materials that are used in our packaging products." ITW is a worldwide manufacturer of engineered components, industrial systems and consumables, with annual revenues of more than $2.6 billion. -0- 6/23/92 /CONTACT: Nancy Christopherson of ITW, 708-657-4195/ (ITW) CO: Illinois Tool Works Inc. ST: Illinois IN: SU: TNM
CK -- NY058 -- 2888 06/23/92 13:52 EDT
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|Date:||Jun 23, 1992|
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