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Suiza Foods Completes Sale of U.S. Plastic Packaging Operations; PCI Completes Tender Offer for Secured Notes.

DALLAS and NEW YORK--(BUSINESS WIRE)--July 2, 1999--

Suiza Foods Corporation (NYSE:SZA) and Vestar Capital Partners III, L.P. announced today that they have completed Suiza's sale of a majority interest in its U.S. Plastic packaging operations to Consolidated Container Company LLC, a newly formed company controlled by Vestar Capital Partners III, L.P., a private equity firm with offices in New York and Denver.

In connection with the closing of this transaction, Plastic Containers LLC, successor to Plastic Containers, Inc., announced today that it has completed its cash tender offer for its 10% Senior Secured Notes, due 2006, Series B. As of July 2, 1999, $121,250,000 aggregate principal amount of Notes had been tendered, representing 100% of the $121,250,000 aggregate principal amount of Notes outstanding.

Suiza Foods is a Dallas-based company with leading positions in the dairy and consumer goods packaging industries. Its principal holdings are in fluid dairy processing, refrigerated, shelf-stable and frozen dairy case products, and consumer goods packaging. Suiza Foods continues to own Neva Plastics, its Puerto Rico plastics operations, as well as its European metal can and flexible film manufacturing businesses.

Consolidated Container is a leading domestic developer, manufacturer and marketer of rigid plastic containers for many of the world's largest branded consumer products and beverage companies. Consolidated Container serves its customers with a wide range of manufacturing capabilities and services through a nationwide network of 73 strategically located manufacturing facilities and through a nationally recognized research, development and engineering center.

Vestar Capital Partners is a leading investment firm that manages more than $1 billion in equity capital and specializes in management buyouts and growth capital investments. Vestar invests, as a partner with management teams, in high-quality, middle market companies. Since its founding in 1988, Vestar has completed approximately 30 transactions with a total value of approximately $6 billion. Vestar has been a leading or majority shareholder in such well-known companies as Aearo Corporation, Celestial Seasonings, Inc., Prestone Products Corporation, and Westinghouse Air Brake Company.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
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