- December 01, 2003, PRESS RELEASE
CHICAGO, IL, USA—Packaging Dynamics Corp. announced earlier this month it's executed a definitive agreement to acquire the Iuka Lamination Division of Ormet Corp. The Chicago-based flexible packaging converter/manufacturer says the purchase—which is subject to certain closing conditions—is an approximately $5 million transaction, will be an all-cash deal, and is expected to close by the end of Q4 2003.
According to Packaging Dynamics, the Iuka Lamination Div. currently consists of one converting operation located in Iuka, Mississippi, USA; the Upper Midwest-based converter expects the acquisition to add approximately $15 million in annual revenues.
Says Packaging Dynamics' chairman Frank Tannura, "The acquisition creates opportunities to extend our product development capabilities and lower our overall cost production in laminations. We expect the investment to be earnings neutral in 2003 and modestly accretive in 2004."
For more information about Packaging Dynamics' flexible packaging and converting capabilities, visit pkdy.com.