This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AEP Industries Inc. Purchases Films Business From Transco Plastics Industries Ltd.

SOUTH HACKENSACK, N.J., Oct. 22, 2012 /PRNewswire/ -- AEP Industries Inc. (Nasdaq: AEPI, the "Company" or "AEP") today announced that the Company, along with its Canadian subsidiary, AEP Canada Inc., has entered into an agreement with Transco Plastics Industries Ltd. ("Transco"), a Quebec company, to purchase the machinery and equipment and related assets necessary to manufacture the performance films, specialty bags and industrial films of Transco. 

The transaction, which is expected to close within the next two weeks, has a purchase price of approximately $5.3 million, excluding a one-year commission and transition service costs, and is expected to gain approximately $30 million in annual net sales from Transco's former customers. AEP noted that it intends to relocate the manufacturing activities associated with the Transco businesses to its strategically located manufacturing sites throughout North America. 

"This is a compelling investment opportunity for AEP that will gain meaningful business to our company and deliver a solid return on invested capital," said Brendan Barba, Chairman, President and Chief Executive Officer of the Company.  "With Transco we will expand our already robust presence in the plastic packaging industry and enhance our suite of products.  We are pleased to capitalize on the opportunity to acquire the Transco assets and create additional value for our shareholders."

AEP Industries Inc. manufactures, markets, and distributes an extensive range of plastic packaging products for the consumer, industrial and agricultural markets.  The Company has manufacturing operations in the United States and Canada.

Contact: Paul M. FeeneyExecutive Vice President, Financeand Chief Financial OfficerAEP Industries Inc.(201) 807-2330 feeneyp@aepinc.com

SOURCE AEP Industries Inc.
Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,723.00 +103.49 0.59%
S&P 500 2,075.40 +12.29 0.60%
NASDAQ 5,014.5810 +27.7140 0.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs