News - Acquisition of Filpac by Graphic Packaging, for cash.
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Monday August 17, 9:01 am Eastern Time
Company Press Release
ACX Technologies, Inc. to Acquire Filpac
GOLDEN, Colo., Aug. 17 /PRNewswire/ -- ACX Technologies, Inc. (NYSE: ACX) today announced that Graphic Packaging Corporation acquired the assets and business of Filpac, Inc., a flexible packaging company located in Montreal, Canada, for an undisclosed cash amount. Filpac, with annual revenues of approximately C$20 million, specializes in packaging for the snack food industry.
In announcing the purchase, Jeff Coors, President and Chief Executive Officer of Graphic Packaging Corporation explained, "The acquisition of Filpac will add needed capacity for our growing flexible business in Canada. Filpac's location in Montreal, combined with Graphic Packaging's current plants in Vancouver, Winnipeg and Toronto, provides coast to coast coverage across Canada." Mr. Coors continued, "We believe that the addition of Filpac will allow us to expand our capabilities, improve our customer service and develop strong relationships with a new base of customers."
ACX Technologies, Inc., through its two primary businesses, applies innovative technology to manufacture value-added industrial products. Graphic Packaging Corporation is a specialty packaging manufacturer that produces high performance folding cartons and flexible packaging. Coors Ceramics Company provides enabling technology through advanced technical ceramics and other engineered materials.
This release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current Company expectations and are subject to risks and uncertainties, which may cause actual results to be materially different from those that may be implied by any forward-looking statements contained in this press release. Specifically, 1) the level of actual annual revenues is dependent on maintaining major customers, general economic conditions, planned additional sales, the ability of Filpac to qualify with Graphic Packaging's existing customers and the relative position of the US and Canadian currencies; 2) the Company's ability to benefit from this acquisition is dependent upon several factors, including successfully integrating the operations of Filpac and successfully marketing to a new customer base.
SOURCE: ACX Technologies, Inc.
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