ROGERS, MINN. - Packaging thermoformer and sheet extruder Ultra Pac Inc. said it dismissed a top executive recently because of disappointing financial results. Cal Krupa, chief executive officer of Rogers-based Ultra Pac, could not be reached for comment, but said through a spokeswoman that Dennis J. Hogan, formerly vice president of operations, had been asked to resign by the company. Hogan joined the firm in October 1994, and was appointed to the executive committee and the vice presidency in 1995. Hogan could not be reached for comment.
For the first nine months of fiscal 1995, the food-packaging maker said it reported significantly slower-than-anticipated sales growth and a net loss of $1.12 million. It also predicts a net loss for its fourth quarter, ended Jan. 31. Increased raw materials prices, and higher labor and overhead costs contributed to the poor results.