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Plastipak Wins Bankruptcy Auction of Constar’s US Assets
February 10th, 2014 | Plastipak Packaging, PLYMOUTH, MI
Plastipak Packaging, Inc., a leading global
manufacturer of rigid plastic packaging, is pleased to announce that its bid at bankruptcy
363 auction was determined to be the highest and best value for certain U.S. assets of
Constar International, the Philadelphia-based manufacturer of food and non-food
packaging.
"We are extremely pleased with this acquisition of certain assets and intellectual
property." stated Plastipak’s Chief Commercial Officer (CCO) Frank Pollock. "We
extensively analyzed the sites, machinery, and intellectual property, and evaluated the
organizational strengths of Constar’s operations, and as a result we are confident that this
transaction will enable us to better serve our existing and future customers.” He added
that Constar’s talent and technology will allow Plastipak to bring to its valued customers
a complete portfolio of solutions to meet their current requirements and tomorrow’s
challenges.
The transaction is subject to customary closing conditions, including regulatory approval,
and is expected to close in the first quarter. Upon closing, Constar sites will be operated
under Plastipak ownership.
“We continue to improve our organizational capabilities to earn the confidence and
loyalty of our customers in all the categories we serve. This includes investments in
packaging that address changing consumer demands and lifestyles. We’re excited, and
welcome the Constar associates to our organization. We appreciate their efforts and the
contributions of Constar’s leadership team during this important transition” said Plastipak
CEO William C. Young.
Plastipak Packaging, Inc., a wholly-owned subsidiary of Plastipak Holdings, Inc., is a world leader
in the design and manufacture of high-quality, rigid plastic containers for the food, beverage, and
consumer products industries. Plastipak operates more than twenty-seven plants in the United
States, South America and Europe, with a total of over 4000 employees. Its customers include
some of the world's most respected and recognized consumer brands. Plastipak is also a leading
innovator in the packaging industry, holding more than 300 patents for its state-of-the-art package
designs and manufacturing processes. In addition, Plastipak licenses various packaging
technologies around the world. Plastipak was founded in 1967, and is headquartered in
Plymouth, Michigan. Additional information about Plastipak can be found at its website
www.plastipak.com.
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