- May 22, 2002, PRESS RELEASE
LAKE FOREST, IL, USA—Pactiv Corp. reports an agreement to purchase Winkler Forming, Inc. Pactiv says it will purchase the thermoformer of amorphous polyethylene terephthalate (APET) for food packaging for $72.5 million (approx. 7 times EBITDA). According to the converter, Winkler has a 12-month trailing sales of about $50 million (US), and the acquisition is expected to be accretive immediately.
Reports Pactiv: "The purchase of Winkler will afford [the company] an opportunity to expand the wholesale bakery, confectionery, and fresh-cut produce markets. The addition of APET products enhances Pactiv's already extensive rigid display packaging product line, consisting of oriented polystyrene, talc-filled polypropylene, aluminum, molded fiber, ovenable paperboard, and foam products."
Winker has two manufacturing facilities, one in Santa Fe Springs, CA, and one in Bridgeview, IL; Winkler's current manufacturing assets, says Pactiv, will support 40-percent growth in sales without additional capital.
Visit Pactiv at pactiv.com.