U.S. Plastic Lumber Corp. Announces Sale of Slipsheet Business; Transaction Strengthens Balance and Improves Focus on Core Business
BOCA RATON, Fla., Dec 18, 2003 (BUSINESS WIRE) -- U.S. Plastic Lumber Corp. (OTCBB:USPL), announced today that it has completed the sale of its slipsheet business to Illinois Tool Works Inc. ("ITW") for a net purchase price of $8.4 million. Proceeds will be used for debt reduction and working capital.
Mark Alsentzer, CEO of USPL, stated, "We are pleased that we have been able to close the sale of our slipsheet business to ITW. Although we had developed a strong slipsheet business, the company determined that the business was not an integral part of the future growth plans of USPL. As a result of the transaction, the company plans to reduce debt, and further strengthening our balance sheet. In addition, the sale provides the Company with working capital to allow USPL to continue to focus on what it believes offers the greatest growth opportunity for the foreseeable future." Mr. Alsentzer also stated that ITW previously purchased the cornerboard business of USPL in May, 2003, which like slipsheet, was a part of the packaging division of USPL.
SOURCE: U.S. Plastic Lumber Corp.
U.S. Plastic Lumber Corp., Boca Raton
Mark S. Alsentzer, 561/394-3511
or
KCSA Worldwide
Evan Smith or Erica Pettit, 212/896-1251 or 212/896-1248
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