Sigma Plastics buys Southern Film Extruders

By Frank Esposito
Senior Staff Reporter

Published: October 3, 2013 5:34 pm ET
Updated: October 3, 2013 5:36 pm ET

Related to this story

Topics Packaging Mergers & Acquisitions Film & Sheet Extrusion
Companies & Associations

North American film giant Sigma Plastics Group is growing again, this time by acquiring Southern Film Extruders Inc., a polyethylene film manufacturer that filed for bankruptcy earlier this year.

No purchase price was disclosed. In an Oct. 3 news release, Sigma Chairman and CEO Alfred Teo said that High Point, N.C.-based Southern “is a well-established, reputable company that complements our industrial film expansion strategy.”

Teo added that Lyndhurst, N.J.-based Sigma “is committed to providing the capital and support necessary to allow Southern Film to reach its full growth potential.”

Southern operates 65 million pounds of capacity at two plants in High Point making monolayer, three-layer, barrier, converter and lamination films. The firm employs 175 and posted sales of $70 million in 2012.

John Barnes, Southern’s general manager, will remain with the firm after the sale.

On Aug. 4, Southern filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in North Carolina. The firm listed assets of $10 million to $50 million and debts of $1 to $10 million in the filing. In late July, Southern’s creditors had filed an involuntary Chapter 7 bankruptcy filing against the firm. Southern’s largest creditor was resin supplier Westlake Polymers LLC, which was owed almost $5 million.

The acquisition is Sigma’s fifth in the last five years, but it’s first since 2010, when the firm bought McNeely Plastic Products Inc., a maker of blown film, laminations and bags in Clinton, Miss. In 2009, Sigma bought blown film maker Santa Fe Extruders Inc., in Santa Fe Springs, Calif.; FlexSol Packaging Corp. of Pompano Beach, Fla.; and ISO Poly Films Inc. of Gray Court, S.C.

Sigma ranked as North America’s second-largest film and sheet maker in a recent Plastics News survey with sales of $2.45 billion in 2012.


Comments

Sigma Plastics buys Southern Film Extruders

By Frank Esposito
Senior Staff Reporter

Published: October 3, 2013 5:34 pm ET
Updated: October 3, 2013 5:36 pm ET

Post Your Comments


Back to story


More stories

Image

Bemis Co. reports sales growth

April 24, 2015 9:57 am ET

Bemis Co. Inc., in what the company is describing as a strong quarter, saw consistent earnings from continuing operations.    More

Image

KHS cuts packaging with direct printing on PET bottles, adhesive multi-packs

April 23, 2015 1:39 pm ET

KHS GmbH has been pouring a lot of time into solving issues related to direct printing on PET bottles, and after eight years of work, everyone...    More

Image

MeadWestvaco joins the Recycling Partnership

April 23, 2015 11:19 am ET

MeadWestvaco Corp., a global packaging company with some operations in plastics, is joining the Recycling Partnership.    More

Image

Sidel, BMS reach agreement on spindle patent case

April 20, 2015 1:24 pm ET

Sidel Group and Blow Mold Services LLC have reached an agreement in Sidel's patent infringement lawsuit against BMS involving the spindle chain on a...    More

Image

Adidas phasing out plastic bag use

April 20, 2015 11:50 am ET

Sporting goods company Adidas AG is phasing out the use of plastic bags in its own retail stores as part of a larger effort raise awareness about ocea...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events