VIATECH ANNOUNCES ACQUISITION
VIATECH ANNOUNCES ACQUISITION SYOSSET, N.Y., Nov. 5 /PRNewswire/ -- Viatech, Inc. (AMEX: VTK)
chairman of the board and chief executive officer, Donald J. Bainton, today announced that a newly-formed company, 50 percent owned by Viatech, has agreed to purchase Continental Plastic Containers, Inc. (CPC). Bainton stated that Viatech was fortunate to have as its 50 percent partner in this newly-formed company a private investor with other world-wide interests in packaging and related industries. CPC, part of Continental Can Company, is a leader in the development and manufacture of extrusion blow-molded plastic containers. CPC manufacturers plastic containers ranging in size from 6 ounces up to 2-1/2 gallons for the food, automotive, personal care, household chemical and industrial and agricultural chemical markets. CPC's customer base is highly focused on national consumer goods companies, which it serves from its national plant network. CPC's 1991 sales are estimated to exceed $200 million.
The acquisition is expected to close no later than year-end, and possible sooner, depending on the timing of regulatory approvals. Bainton characterized the transaction as a significant step towards Viatech's goal of achieving a major market presence in the international packaging industry. Viatech, Inc. through its European subsidiaries, Ferembal S.A., Dixie Union Verpackungen GmbH and Onena Bolsas de Papel S.A., manufactures cans, film and equipment for the packaging industry, and prints and laminates packaging for the food and snack food industries. The company's U.S. subsidiary, Lockwood, Kessler & Bartlett, Inc., provides engineering services principally in the fields of mapping and survey, transportation, structures, site and landscape development, recreation and environmental studies and mechanical and electrical engineering. -0- 11/5/91 /CONTACT: Donald J. Bainton, CEO of Viatech, 516-822-4940/ (VTK) CO: Viatech Inc. ST: New York IN: SU: TNM SM-KW -- NY052 -- 1281 11/05/91 13:25 EST
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|Date:||Nov 5, 1991|
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