CONSTAR
Follow-up: US blow moulder Plastipak outbids Amcor / North American assets sold for USD 102m
 Despite the earlier announcement, Amcor was unable to close the Constar deal (Photo: Amcor) |
Despite an earlier stalking horse agreement under the terms of which insolvent US plastic food and beverage container producer Constar International (Philadelphia, Pennsylvania; www.constar.net) agreed to sell most of its American assets to Amcor Rigid Plastics USA (Ann Arbor, Michigan; www.amcor.com) – see Plasteurope.com of 08.01.2014 – the latter on 7 February announced that it failed to win the auction. The new owner of the business is Michigan-based Plastipak Packaging (Plymouth / USA; www.plastipak.com).
According to international wire reports, Plastipak won the auction with a bid of USD 102.45m, with Amcor – which had originally bid USD 68.5m for the business – ceasing to participate at USD 102.1m. A judge still has to give final approval for the sale, but the purchase is widely reported as wrapped up. The European assets of the food and beverage containers producer remain up for sale, but Constar did manage to sell its plant in Havre de Grace, Maryland to J.M. Smucker (Orrville, Ohio / USA; www.jmsmucker.com) for USD 3.1m, international news sources report.
According to international wire reports, Plastipak won the auction with a bid of USD 102.45m, with Amcor – which had originally bid USD 68.5m for the business – ceasing to participate at USD 102.1m. A judge still has to give final approval for the sale, but the purchase is widely reported as wrapped up. The European assets of the food and beverage containers producer remain up for sale, but Constar did manage to sell its plant in Havre de Grace, Maryland to J.M. Smucker (Orrville, Ohio / USA; www.jmsmucker.com) for USD 3.1m, international news sources report.
11.02.2014 Plasteurope.com [227534-0]
Published on 11.02.2014
German version of this article...