Pregis Corporation Acquires European Honeycomb Manufacturer
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1650 Lake Cook Rd., Suite 400
Deerfield, IL, 60015
Press release date: December 3, 2007
DEERFIELD, Ill., Dec. 3 - Pregis Corporation announced today that it has acquired all of the outstanding share capital of Besin International B.V., for approximately $18.0 million in cash, including estimated direct costs of the acquisition. The transaction was financed with cash-on-hand.
Besin is a leading European producer and distributor of paper honeycomb protective packaging products. The Company has production facilities in the Netherlands and France and generated 2006 annual revenue of approximately $22.0 million, on a non-U.S. GAAP reporting basis.
Besin will be operated within Pregis' Hexacomb division, which is a component of Pregis' protective packaging reporting segment. Combined with its current operations in Spain and North America, the expanded Hexacomb division will be able to serve large national and international customers with recyclable, paper-based protective packaging solutions.
"Besin is a great fit and a welcome addition to the Pregis organization," commented Michael McDonnell, Pregis Corporation's President and Chief Executive Officer. "The acquisition broadens our geographic footprint in the paper honeycomb market and provides great opportunity to leverage the best practices currently implemented in our North American Hexacomb operations."
Pregis Corporation is a leading global provider of innovative protective, flexible, and foodservice packaging and hospital supply products. The specialty-packaging leader currently operates 47 facilities in 18 countries around the world. Pregis Corporation is a wholly owned subsidiary of Pregis Holding II Corporation.
For more information about Pregis, visit the Company's web site at http://www.pregis.com/.
Source: Pregis Corporation
CONTACT: Keith LaVanway, +1-847-597-9353, email@example.com,
or Leslie Braun, +1-847-597-9328, firstname.lastname@example.org, both of Pregis Corporation
Web site: http://www.pregis.com/