Court Enters Order Approving the Sale of the Plastics Films and Molded Products Businesses of Atlantis Plastics, Inc.
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ATLANTA, Oct. 8 -- Atlantis Plastics, Inc. (the "Company") is pleased to announce that on Monday, October 6, 2008, the United States Bankruptcy Court for the Northern District of Georgia entered an order approving the previously announced acquisition of substantially all of the assets of the Company's Plastic Films division to AEP Industries Inc., and of its Molded Products division to Custom Plastic Solutions, LLC, an affiliate of Monomoy Capital Partners, L.P. Monomoy Capital Partners was the successful bidder for the Molded Products in a court-sanctioned auction held on October 2, 2008. As no "Qualified Bids" were received for the Films division, no auction occurred for that business. The Company anticipates that both sales will close by the end of October.
Bud Philbrook, CEO and President of Atlantis Plastics, Inc., stated, "We are pleased with the culmination of the process, which commenced in January of this year. We are particularly gratified that our employees will have good homes with both AEP and Monomoy Capital." He added, "We certainly expect that the customers of Atlantis Plastics will continue to enjoy relationships with organizations that believe in solutions innovation and industry-leading product quality and service, at a level consistent with that which they have grown accustomed to. We also anticipate that suppliers will have the opportunity to grow with the new owners."
Atlantis Plastics, Inc. is a leading U.S. manufacturer of polyethylene stretch and custom films and molded plastic products. Stretch films are used to wrap pallets of materials for shipping or storage. Custom films are made- to-order specialty film products used in the industrial and packaging markets. Atlantis' injection molded and profile extruded plastic products are used primarily in the appliance, automotive, agricultural, building supply, and recreational vehicle industries.
For more information, please visit www.atlantisplastics.com.
FOR FURTHER INFORMATION:
Paul G. Saari
Chief Financial Officer
(800) 497-7659
Source: Atlantis Plastics, Inc.
Web site: www.atlantisplastics.com/
