U.S. CAN TO ACQUIRE STEELTIN CAN CORP.
OAK BROOK, Ill, Nov. 22 /PRNewswire/ -- U.S. Can Corporation (NASDAQ-NMS: USCN), the nation's leading supplier of metal containers for personal care, household, automotive, paint and industrial products, announced today that its subsidiary, United States Can Company, has reached an agreement in principle to acquire Steeltin Can Corporation and two affiliated companies, Eastern Container Company, Inc. and Eastern Metal Decorating, Inc. The transaction is expected to close early next year. Steeltin is a regional manufacturer of containers for the paint, specialty food and decorative tin markets and is located in Baltimore, where it operates a can manufacturing plant. Eastern Container is a distributor of Steeltin containers as well as related products manufactured by others; it operates a warehouse also located in Baltimore. Eastern Metal Decorating is a metal lithography operation, located in New Castle, Pa., which supplies decorated metal to Steeltin, in addition to selling metal services to third parties. U.S. Can plans to operate the acquired facilities, which have combined sales of over $30 million. W. J. Smith, U.S. Can's chairman, president and CEO, said, "These transactions reinforce our stated objectives to grow our smallest business segment -- specialty can manufacturing -- and to expand the company's metal services capability. Last year marked a major expansion for U.S. Can in the Baltimore area with the opening of our Elkridge, Maryland paint can facility and the purchase of American National Can's East Coast litho operation at Sparrows Point." Smith added, "Steeltin will round out our capacity in the East and enable us to broaden our product lines at the same time." Jay M. Wilson, president of Steeltin, said, "We are impressed by U.S. Can's record of quality and service, and by their strong commitment to capital investment. We feel that this transaction will benefit all of the parties involved, including our customers and employees." U.S. Can operates 18 manufacturing locations in 10 states and has annual sales of over $400 million. The company's common stock trades on the NASDAQ National Market under the symbol USCN. -0- 11/22/93 /CONTACT: Timothy W. Stonich, executive vice president and chief financial officer, of U.S. Can, 708-571-2530, or Sarah Anderson of Ketchum PR, 312-266-4545, for U.S. Can/ (USCN)
CO: U.S. Can Corporation, Steeltin Can Corporation ST: Illinois, Maryland IN: PAP SU: TNM
AR-BM -- CL017 -- 6976 11/22/93 16:46 EST
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|Date:||Nov 22, 1993|
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