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

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

Newell Rubbermaid to acquire Contigo brand

July 21, 2014 5:00 pm ET

Consumer products company Newell Rubbermaid Inc. has signed an agreement to acquire Ignite Holdings LLC, owner of the Contigo and Avex brands of...    More

Image

Huhtamäki to evaluate its films business

July 21, 2014 9:52 am ET

Finland-based plastics packaging group, Huhtamäki Oyj, has announced that it is evaluating its options regarding its films business, due to its...    More

Image

Thermoforming Technology Group adds Lyle Industries to its portfolio

July 18, 2014 2:48 pm ET

Thermoforming Technology Group LLC has expanded its thermoforming equipment presence with the acquisition of Lyle Industries Inc.    More

Image

Portugal's Gepack setting up PET packaging facility in Arizona

July 18, 2014 3:32 pm ET

Gepack, a maker of PET bottles in Portugal, is setting up new a manufacturing facility in Arizona.    More

Image

Polynt, CCP create composite resins giant

July 18, 2014 10:13 am ET

France's Total SA has agreed to sell CCP Composites to Polynt Group SpA, based in Italy, for an undisclosed price.    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

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

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

More Events