Jul 14 2007
Pregis Corporation, a leading international manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions, announced today that it has acquired all of the outstanding share capital of Petroflax S.A., for approximately $12.0 million in cash, including estimated direct costs of the acquisition. The transaction was financed with cash-on-hand.
Based in Romania, Petroflax is a leading producer and distributor of foam-based products. The Company was established in 1994 and generated 2006 annual revenue of approximately $9.0 million, on an unaudited, non-GAAP reporting basis.
“We are pleased to welcome Petroflax to the Pregis organization,” commented Michael McDonnell, Pregis Corporation’s President and Chief Executive Officer. “The acquisition expands our strong Central European protective packaging operations and enhances our ability to serve our customers.”