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.