Amcor set to buy Constar

By Jim Johnson
Senior Staff Reporter

Published: December 19, 2013 7:17 pm ET
Updated: December 20, 2013 10:03 am ET

Related to this story

Topics Mergers & Acquisitions, Legal, Packaging, Blow Molding
Companies & Associations Amcor Ltd., Constar International LLC

Constar Inc. is plunging into bankruptcy court protection for the third time in recent years, and this time the company has a buyer lined up for its assets.

The Trevose, Pa.-based PET container maker, in paperwork in with U.S. Bankruptcy Court in Delaware on Dec. 19, said it wants to sell “substantially all of the company’s assets” to Amcor Rigid Plastics USA Inc., a unit of Australia-based Amcor Ltd.

Initial bankruptcy court filings provide general information about each case, and Constar indicates in that paperwork that the firm has assets of $50 million to $100 million and liabilities of $100 million to $500 million. There are between 200 and 999 creditors.

PET resin producer DAK Americas of Charlotte, N.C., and DAK Resinas Americas Mexico SA de CV of Cosoleaquaque, Mexico, are listed as the top two creditors and are owed more than $15.6 million combined. Britvic Soft Drinks Ltd. of London is owed another $5.4 million, according to bankruptcy court records.

Constar calls itself a pioneer in the PET bottle business on the company’s website, but the firm has had a rough go financially in recent years. The company filed for bankruptcy protection in both 2008 and 2011.

This time around, Constar is turning to Amcor, which describes itself as the world’s largest packaging company.

Amcor confirmed it has a deal to acquire the Constar assets.

“The US business currently operates six plants with annualized sales of approximately US$190 million and has an attractive fit with Amcor Rigid Plastics,” the company said in a news release.

Amcor expects to close the acquisition through the court during the first quarter, the company said.

Constar goes back to the 1960s when the company first started making plastic bottles. By the 1980s, the firm said it was instrumental in the development of two-liter PET soda bottles.


Comments

Amcor set to buy Constar

By Jim Johnson
Senior Staff Reporter

Published: December 19, 2013 7:17 pm ET
Updated: December 20, 2013 10:03 am ET

Post Your Comments


Back to story


More stories

Image

New medical firm buys Clairson Plastics

September 19, 2014 4:33 pm ET

Custom injection molder Clairson Plastics is being sold to a new start-up that plans to dive into the medical market with a new dialyzer, a key...    More

Image

Hong Kong's TK eyes expansion, may buy Nypro Tool operation

September 19, 2014 2:49 pm ET

Hong Kong-based mold maker and plastics processor TK Group (Holdings) Ltd. said it's reached a tentative agreement to buy a tooling factory in...    More

Exo-s buys injection and blow molder in Mexico, expands footprint

September 19, 2014 2:15 pm ET

Custom molder Exo-s Inc. has bought an injection and blow molding operation in San Juan del Rio, Querétaro, Mexico.    More

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Badger buys competitor Joseph Homa

September 17, 2014 4:04 pm ET

Badger Plug Co. has extended its protective plugs customer base by acquiring and closing a rival, Joseph Homa Consultants Inc. of Montreal.    More

Market Reports

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

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events