Jun 8 2007
WinCup, Inc. ("WinCup") today announced the closing on the sale of its non-core Finnish specialty chemical business. The sale reflects WinCup's efforts to streamline operations and to focus on its core business. The sales proceeds will reduce its outstanding indebtedness plus free up resources to invest in its domestic packaging operations.
"We are extremely pleased that we have completed this transaction," said George Wurtz, CEO of WinCup. "We were able to realize significant value which will improve our capital structure and will provide additional financial flexibility. This allows us to strengthen further our core business and maintain our focus on superior customer service and product excellence." Mr. Wurtz also thanked the Finnish management team for their loyalty and support and Tennenbaum Capital Partners for their assistance in completing this transaction.
WinCup is a leading manufacturer and distributor of a broad line of disposable packaging products in North America.